Traders Carnival: Nifty May Face Downside Risks Below 10,500, JC Parets Says
The 10,500 level is crucial for the NSE Nifty 50 Index, as there are downside risks if the benchmark index slips below this mark.
That’s the word from trading veteran JC Parets, founder of Allstarcharts.com, at the four-day Traders Carnival event in Mumbai.
Emerging markets have been going through tough times, with the MSCI Emerging Markets Index of shares falling around 11 percent from a 10-year high in late January. With the Indian market also volatile, Parets said traders should analyse markets across the world before placing any bets.
Here are the highlights from Parets’ session “Charts: A Holistic View Of The Indian Markets”
- 10,500 is a critical level for the Nifty. There are risks to the downside if the index falls below that level.
- NSE Nifty Bank Index can head higher if it trades above 25,500 levels.
- Stock markets across the world are becoming inter-twined; need to analyse markets across the globe.
- Need to identify before trading where you can go wrong.
- Daily and weekly closes are most important for those who are not day-traders.
- Hedge funds look for relative momentum and strength.