Nifty had a reversal and yes it was expected as well. Looking at the recent weak move in the market, it was expected that market can make reverse move any day.
Market breadth was negative but not very strong that we have to have follow through day tomorrow. Overbought-oversold ratio was once again not saying much. It seems like market is just waiting for budget day and then make its move.
I don't like to take big gamble at this point in this market situation. I would say time to close all positions and if you are sitting on heavy profits, move your stops closer and take 25% profits.
Based on my Point and figure chart, we are right at the key support area and if market goes in any direction, it may have around 550 point move which is a big move.....
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