2 min read

Market View 20230830

Market View 20230830

We are still hovering around the moving averages cross over point for the BN. (If you're wondering why there was no posting yesterday, that's because I was celebrating the festival of Onam with family and friends).

Back to the markets.

Because the market could either break out or break down, its very difficult to take a position right now. Though we'll try our best by looking at the data infront of us to get a clue on the direction. As we enter the next trading month, positions will be formed by traders, and we will get a better picture.

It looks like this month could end at 45000 level. I'll need to go back to the beginning of the month to double check what we estimated, but I believe it was 45000 straddle that popped up on our radar a few times. Which is 500 above where we are now. Could the markets push higher to that by tomorrow. Let's see.

It looks like yesterday there was a consolidation, for a move higher (green bars). We could see that today.

9:37 AM

And we got that pump today. Now the question is whether it will sustain, maybe for today, but we could also see a drop, and reversal, to hit SLs of traders before expiry tomorrow.

9:47 AM

We have to keep things in perspective, so taking a step back. If the BN stays above the 21 moving average, that's a positive sign (because it will also be above the 55 moving average). Keep an eye for 44600 level.

12:54 PM

Well, we finally broke that level and it looks like 44500 will be the key area now.

Seems like the downward trendline cannot be broken so easily. Also, notice that the volumes are reducing.

2:58 PM

From 200 points up, to 100 points down... what a swing!
Big dump at end of the day...