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Daily trade setup for 29th may 2019

- Yesterday nifty was down initially but closed in flat green. This shows that every dip is being bought. So shorting is not an option.
- Since nifty had moved a lot due to election fewer. I am expecting some profit booking. So I have shorted nifty. I have kept an SL of 12050. I have underlying stocks which will give good profit if nifty moves. The nifty short is kind of a hedge for those.
- Yesterday the US fell in the 2nd half and Nasdaq closed in -0.39% and dow closed close to 1% down.
- Europe also closed in down.
- Crude is falling fearing economic slowdown globally. Falling crude is good for India.
- Today morning Asia is in red. SGX indicates a flat start on the negative side
- The market is expected to be on the sideways for some more time till it gets next triggers. This is the time when option sellers will make wonderful money.
- Next major event is the monetary policy in June.
- My account is still in the migration phase. So will not be able to take trades for a few more days.
- Today M&M will be coming with its result. The result is expected to be weak.
- Yesterday FII sold for 501 cr and DII bought for 269cr. Now FII has started selling after many consecutive days of buying.
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