Trade setup for 8th December



 Yesterday was another green day. Looks like FII funds are not stopping. Its good. The more and faster the fund flows, the faster the markets will rise and when the funds are done with, the steeper will be the correction. I will wait for the FII funds to be over for taking aggressive short in the market. 

We are closing in the green for 5 consecutive days. So there might be some slow down in the market today. But you never know. Usually, there is a dip and from last few weeks, every dip is getting bought. Thanks to FII inflows.

Today is a Bharat bandh due to the new farm laws. So many organizations have declared support to the bandh. So that might have some pressure in the market.

The Covid cases are rising in the US and many parts are in the lockdown. So that has increased some uncertainty in the markets. 

Another date for the Interest waiver case. Hope this is the last date and order might be in place. 

Japan is set to give a $700 billion stimulus. Hongkong has closed night dining, gym as cases surge.

MY TRADES

  1. Yesterday, I took a negative trace and shorted the nifty futures. Nifty fell and there was huge buying in when there was a dip. My trade almost kissed my SL but it was not triggered. I have carried that today. Currently, I am sitting with a loss of 4k per lot. Let's see if it recovers today, else I will close in a loss. I did not hedge since it was only 3 lots. I did share this trade in all my social networking sites. 
  2. I had to roll over some of my monthly positions as there was a rally yesterday. I may have to do adjustments to my weekly trades as well if the rally continues today as well.
  3. ITC has finally crossed 200. I have added more to my portfolio. This month I will not be doing a covered call as the rally there might continue. Will start doing covered call probably from next year.
INTERNATIONAL MARKETS
  1. The US markets closed lower as cases surge and many places are in lockdown.
  2. Dow futures is now below 30000. Let's see if 30000 will act as support of the resistance.
  3. Europe also closed in the red.
  4. Today morning the Asian markets are in the red. SGX is suggesting a flat to negative opening.
CRUDE AND $
  1. Crude is around $48
  2. $ is at Rs 74
FII AND DII
  1. Again 3000cr came in. I think 3000cr is now a norm. Nothing special about that.
  2. DII sold for 2700cr



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