Yesterday was such a volatile day. Everything was good in the first hour where the market shot up. Then in the second half, there was massive selling and markets closed in the red. Nifty fell almost 400 points from day's high and banknifty fell more than 1000 points from day's high. Day before yesterday, I was short on the markets. Yesterday morning the markets shot up and I had to do a lot of adjustments and then in the noon markets fell and many of my adjustment trades were in danger.
US futures started falling and Reliance, ICICI bank which was in green in the first half turned red and led to the fall.
It was one of the most volatile days which I have ever seen.
Powell testifies that they will speed the bond-buying purchase in December. This gave some relief for the markets and dow futures turned to green.
As I told you yesterday, FED is now in a confused state where increasing rates is also a problem and decreasing rates is also a problem. The next move of FED can break or make the markets. We need to wait and watch what the central banker will do.
Now any recovery will be seen with an angle of doubt as yesterday markets recovered 300 points and fell 400 points in 1 single session. The closing was below 17k which was very strong support. So let's see if markets are headed for a deep correction.
Frankly, doing intraday trades in this market is very difficult as there are V share moves happening.
FII selling should stop for the markets to head higher.
MY TRADES
- I had huge bearish trades. Yesterday's first half made me adjust for the trades which I had taken and then in the second half, the adjusted trades went into danger. It's still manageable provided the markets don't move so violently again.
- I will reduce my volumes for this month as it looks scary trading this market.
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