It was a crucial day and as i mentioned yesterday 21st September was an important day to watch out for as per time cycle. The next important date is 27-28 September for an interim bottom formation.I did mention the levels of 5040-5000 levels and
as i mentioned in the first post(20th September 2011)4900 is the key level to watch.Today's fall seem to be a major one and 4900 doesn't seem to hold if it comes below 4900 it could first retest the recent low of 4700. There is no need to create any long positions in Nifty and every rally would be considered as a sell signal.
Dollar has crossed 49.50 levels and India VIX has risen by 22%. It indicates lot of short positions prevailing in the market and FII's are pulling out their money. Stocks would give some time to bottom out and lets wait and watch Nifty on the downside and all the bounce backs would be a sell signal
No comments:
Post a Comment