Yeah! That’s what we did today. With a gap up, courtesy Mr.DOW, and then we spent the better half of our time to save it. Nothing great today we just mirrored global gains and then drifted, looking for Europe to provide us clues. The push what the Bulls managed on Thursday, looks like a shove now with today’s candle on the dailies. But one should also take into account that this shove is courtesy the gap up and not because of any major bull initiative. All the proponents of Black Monday on the weekend (CRR hike) had to eat their words. No I won’t berate them, because every trade has two sides, and today, they were on the wrong side; that’s it. With CRR hike, one expected a sell off in bank stocks, on the contrary, it looks like that the market seems to have discounted this news. Today’s culprit was the IT index; I guess some profit booking there. Though some might term today’s candle as Bullish Belt Hold but I have my doubts. Yes it is a tall white candlestick that opens on its low. It is also called a white opening shaven bottom. But its more potent if found at lows. As for me I am a kinda confused and will take my call on break of either 5050 or 5000.
Yo! my friend. Great Analaysis. 5050 will decide the market fate.
ReplyDeleteOn the lower side we have to protect 4970 which was a major resistance line and the upper line of the range.
So, let us all watch were we are heading..
Satya