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.

PROFIT TAKING

After putting behind the major event last night ie US presidential elections , Markets have slipped well today all over on profit taking of the dream run of the last many days ..As advised all profits to be booked yesterday will leave smiles on the followers of this blog. Weakness started despite great opening yesterday and 2 levels , the close day before & 3050 crumbled like nine pins.This was a fake out to trap baby bulls. Support levels have already been given, 2850-2780 below 2950 zone..This pull back will clear the trend for the coming weeks/months..let the dust settle , market will show you the new lower or higher lows then get into long positions..patience will be the key to future profits now.. trade accordingly...cheers