Trade setup for 24th Dec

Yesterday was a good day. I call it a good day because both nifty and banknifty were bought when there was a dip. This is the clear indication of a bull market. We may consolidate for some more days but this is definitely not a market to short. Also, there is no fear in the market as we do not have any major known event. Therefore the markets may not be as volatile. In these kinds of the market the trend usually continues with less chance of reversal. The current trend upside and this may continue for some more time. There might be some profit booking ahead of the holidays.

MY TRADES

  1. I had shorted banknifty futures some days back for 32175 with no strategy. As of yesterday, I was at a loss of 3000 per lot. We still have 2 days for expiry. Yesterday I had asked some in facebook and twitter for the counter trades which are available to me. 
  2. Today if markets fall and if I am in profit, then I will be closing the trade. Else, I will be doing a lot of counter trades. What counter trades, depends on my view as the market opens and moves accordingly. Let's see. Will update in my FB and Twitter accordingly.
INTERNATIONAL MARKET
  1. The US markets are also in a consolidation phase as even they have run a lot after trade wars eased. Yesterday nasdaq gained 0.2% and Dow gained 0.3%
  2. European markets are also flat
  3. Today morning the Asian markets are also flat. SGX suggests that we may open in flat.
CRUDE AND $
  1. $ is at Rs 71.17
  2. Crude is now at $66.38
FII AND DII DATA
  1. The FII are buying and accumulating slowly. Yesterday they bought for 1463cr and DII sold for 1947cr
  2. FII and DII activity will be muted for some time as there is a holiday season ahead.

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