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Daily trade setup for 17th may

- Yesterday was a fantastic day for the bulls. This level of upmove was much needed to scare the bears.
- Nifty gained 100 points and banknifty gained 238 points.
- I expected a rebound at 11200 but the rebound came around 11100. That is ok, you can never get the exact bottom or high.
- My entire portfolio is in good green as of now.
- Yesterday's expiry trade was also good. Made 40 thousand intraday and around 75 in positional.
- The thing that should be seen is the dollar. It closed above 70 yesterday. This might put pharma and IT in pressure.
- Crude is near 73$ which is also bad for India.
- Yesterday sun pharma fell 6% and closed in green. It had fallen 20% a few days back when its results were bad. These are the times when we should enter where the risk-reward is good. I need more confirmation to enter. Will definitely update blog, facebook and twitter if I enter.
- Yesterday FII sold 953 cr and DII bought for 948 cr.
- US market closed in the green of 1% and European markets also closed in the green of 1.5%
- Today Asia is mixed. SGX is flat. From now only election will take over Indian markets. Global factors, earnings, crude, the dollar will not play a major role in market direction. It will just be an icing on the cake.
- Yes bank fell again. It is close to my ATM. I hope it bounces from here.
- Next week is very very crucial. Sunday evening we get exit polls and Monday there will be huge volatility and the finals will be on Thursday.
- Bajaj auto, reddy labs, corporation bank, UPL coming out with results today.
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