Most traders were excited yesterday. It was a dream finish for Nifty and other world markets. I hate to say this but I don't see this as a strong push to upside. Major stocks did not hold well and I didn't see major participation from funds. Lets wait and see what tomorrows brings us but if looking at current situation, we are looking for another lower low in near future which may be lower than 4500 (you can tell.... i am not a happy camper).
SPX also didn't hold well which is not good sign. With todays strong opening and future market, i thought we will see top of the range close but market just went up for first 5 minute and sat there for most of the day and at the closing it has little bearish push. Almost looks like a fabricated market movement. Tomorrow we should know better.
In general, looking at todays action, in best case scenario we should not see much movement and worst case scenario we may loose some of the todays gain and for longer term we should see lower low. I would wait as this is a volatile situation or atleast wait for tomorrows market action.
Nifty's key levels:
if it crosses below 4730......it may push all the way to 4675 (if there is major bearishness in the media..... very high chances to see 4675)
if it crosses above 4797......it may push all the way to 4840 (again if there is major bullishness in the media..... chances are higher...to reach 4850)
No comments:
Post a Comment