FINDING SUPPORTS.

Markets are moving in tandem with the global markets ,unwinding the excesses in the system.If ppl. visiting my blog remember I was warning from start of the month that sell on rise as this is looking stretched quite a bit..Hope the friends who booked at top can find real value again after the last 2 days of panic..( The speedline chart posted few days back also clearly gave the supports to play..)All sectors have corrected well and value pickers seemed to have nibbled in ...Monthly supports are 4750..lets see if that holds and markets consolidate for a while...to see the bounce back..enjoy the day cheers.

STILL SOFT

Markets yesterday broke the strong multi swing support of 4900-4930 zone to close much below it at weekly supports..Any bounce now will have big resistance in the above zone & markets will try to consolidate in the coming days in maybe 4750-4850..zone to make some move going forward.As there was huge unwinding in the of 4900 PUTS OI , the option sellers got caught on the wrong foot here..Well friends thats what the markets are..excesses done on both side..Cover your shorts today for a small bounce back in NIFTY..enjoy the day cheers..