Wohooo....S&P made many people planning for the next big leg up and thinking about big money to make in long. But major stocks shows different picture here. Most big market cap stocks ended up in negative territory today. Which shows weakness in this really. I am not sure if tomorrow is going to be a big down day or something but certainly this is not a strong really for sure. We may see volume in next couple of days but I put more weight to big market cap stocks than small cap stocks. As
In best case scenario my feeling is that we should see no market movement or..... we may see down day... chance to break this resistance is very very hard as of today. Tonight i will look for good shorting stock.
As I said yesterday, Nifty had a very good day as well. In my book, it was the strongest day after 15 day (wohoooo). All major stocks ended up in positive territory with decent to high volume as well. For me this is a good breakout from small consolidation and from last 4 weeks of trading. As we say it "E k dam zorr me toda reeee".
In my experience, when we see this kind of a breakout (this is not a strongest breakout i have seen but decent enough to get excited) where price is closing in top of the range, i get excited because most of the time market followsup higher. If market comes down tomorrow below 4800 then this can prove to me a "April Fool" breakout...
But my gut feeling is that we should see follow through day tomorrow it may not be as big as today but decent enough. I belieeve price may end up in the region of 4930 to 4966... which is a good follow through
Have a happy trading..... (sorry for the late posting)
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