PROFIT TAKING

With market opening at 4303(below our september magic no. of 4304 remember), routine profit taking took place through out the day. Every dip was being bought as it seems many were short and are still trapped making 4200 a good support point for the day.some of the midcaps specially moser bayer really were flying all around and index majors just giving up gains slowly. hope all locked in their profits, as markets looked a bit overbought from morning..whats in store for the next few days, lets see tomorrow..enjoy the evening ..cheers.

ROAD AHEAD

The chart above is self explanatory. the Extension Targets shows resistance around 4330 and then 4450 & around zone..support at 4130. The DIRECTIONAL TREND INDEX is still negative despite the huge rise as this is a slower indicator and turns over a period of time. As Asian cues are flat, profit taking may be the call of the day , despite the fact that FII not only covered their shorts but went long too on friday. wait for a dip and see where we head in next 2-3 days, Bravehearts should surely take profit for their entry below. ..happy trading cheers.