As predicted yesterday, Nifty went down but I didn't expect this major reversals. I was hoping for 1.5% max reversal. It has closed at the light support level and next support level is 5167 and looking at the recent action in the market if it breaks below 5167, Nifty can have rapid downdays till 4800-4900 range.
Since last couple of days we have negative momentum comming to this market which is a big weakness sign and today we saw the result of it. Overbought-oversold ratio also turned to negative.
I always believe that this markets are heavily manuapulated. Big funds/traders control this market big time. Yesterday suddenly market went up like crazy and suddenly it went down like rocket.... that is not logical reason expect..... somebody knew something and they wanted to off-load or load some stocks at particular price..... because there was a big move in the market and no volume at all..... that is odd combination and I would say that somebody was playing with our dear indexes.......
I would wait till it clears 5167 before taking any major shorting opportunity. So far market is weak ... long term trend is up and until we cross below swing point.... we should be in cash..... This is a high volatility situation .....
I made a bad decision yesterday to suggest any stocks .... I knew market was weak and I should not suggest any picks. Again as they say.... emotion sometime takes control over you ...yesterday was one of those days
I will not trade untill we get heavy push high or close below 5167......
Weak stock: RELCAPITAL (if it crosses 382), jindalstel,rpower,finantech,cipla,
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