We have very strongly and
strangely recovered in the last half hour of the trade to pullback to
as high as about 4945. I was thinking that it would be difficult for the
market to cross 4940-4950 level. So, may be tomorrow's action would
possibly clear my thoughts.
If we fail to get pass 4950 tomorrow then we should after a couple of days of grinding out in a range of 40-50 points, start moving down and test levels of 4800.
We still do not have any signals which indicates that the declining trend is broadly over. The pullback which started at 4800 appears to be over on the intraday chart. So, the structure remains weak but if 4950 is crossed, then I would be slightly surprised.
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If we fail to get pass 4950 tomorrow then we should after a couple of days of grinding out in a range of 40-50 points, start moving down and test levels of 4800.
We still do not have any signals which indicates that the declining trend is broadly over. The pullback which started at 4800 appears to be over on the intraday chart. So, the structure remains weak but if 4950 is crossed, then I would be slightly surprised.
Read More
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