Nifty had a light selling today and it was a follow through day. Looking at the current action we may see Nifty hitting 5414 price in next couple of days. Again, I was very surprised with the markets behavior, yesterday. Usually, you see couple of consolidation then you should see that kind of climactic selling in the market but it seemed like somebody knows something.
Does it mean big investors sold big time? Not really, that may mean that they have some information which individual investor doesn't have it and they are loading or unloading stocks big time. They may want to get stock at cheaper price and hence they moved the market down and collected their favourite stocks or they just want to get out as they don't see market making any higher soon........
Looking at todays market action, I don't see there is big negative sentiment in the market. Everybody is holding to their stocks as they still believe there is higher price possibility. But if we have another round of selling in day or two, we will see big down days follow through in this market.
Apparently, media doesn't want to lower this market and they are not generating negative mindset everywhere so we may see rebound in this market.
Market will tell us in next couple of days but till then, I will be looking for good shorting candidate.
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