Is today Bounce Back in SGX NIFTY A Buying Opportunity?

SGX Nifty is showing a positive start in the morning on the back of Global cues. At 8.42 a.m, it is in green territory with a gain of more than 424 points which reflects a 5.62%.

Asian markets are trading with a healthy gains of 4% to 6% on back of technical bounce back. All the markets have fallen sharply and are in oversold position. So today they have bounced back from their lows.

Global Picture

Is it right time to put all your money to work in the market?

This is just a technical bounce back and chances of Nifty going down is high. It is not wise to deploy all your cash today itself. As markets are technically so weak that any time it can fall during the day.

It is better to deploy your cash in systematic manner with 12 monthly installments. Have a look on the stocks for long term portfolio in our old post.

How traders can use this technical bounce back?

Today traders can go long in Nifty future with a target of 8200 level and a trading stop loss of 7600. This is high risk trade as whole texture of the market is weak.

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