The near term top for the markets is in place at 40749. I do not foresee a newer high in the balance of this calendar year 2019. Having said that the top is in place, we are in the middle of a consolidation phase for the markets. The markets do bounce off the day lows, every day but also fail to sustain the higher levels as well. Sooner than later, this consolidation phase will give way to a deeper correction.
Those who are patiently holding their NIFTY short positions will be amply rewarded closer to the November expiry.
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