PROFIT TAKING

Markets carried on with their corrective phase, stopped at around critical support in 2850 area ( written before) , spending much time there and then a sudden rush to yesterdays close , with sell out again, as people trapped in longs just wanted to get out..Markets are showing resiliance and have only shaken out the excesses it has done on the way up..Intraday indicators have moved down too in the last 2 days easing the overbought indicators....watch 2850 area closely below which 2778 will provide good support..If one looks at the cross section of butchered stocks one may be surprised that they are inching up despite last 2 days falls, (someone is finding value)..Hope for the best , lets see how things pan out in the next few days....cheers & have a nice time.