Nifty Today: “Khaya Piya Kuch Nahi, Glass Toda, Barah Aana” - 21

Nifty View: Some severe volatility from the Nifty on the very first day of this week – the index oscillated within a wide range of more than 250 points in today's session to post a close at 17,208, a day's loss of 69 points. The fact that it closed negative is not a surprise as the underlying trend is down, but it was the degree of intraday volatility that was severe for any short term trader. The BankNifty was a pocket of strength that managed a positive close; this is a good thing as this index enjoys the maximum weightage in the overall market. On the other hand, it was the broader markets like mid and small cap stocks which got beaten down the most. Strategically it makes sense to maintain a cautiously bearish stance on the market and not look to add long positions aggressively.

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