SEA SAW DAY

What a ride LOW-HIGH-LOW-LOWER-RETRACE..... ..morning short covering took the markets at high point 2975 and sudden selling made us break and test the 2 levels mentioned again and again by me...ie 2860-2780.. In case we break today low we will head for 2631 and above 2860-80 we head for 2990...Trade accordingly..cheers

MARKETS TODAY

Markets are a little bit weak still but do not show any massive unloading..Watching RIL yesterday, one could see that strong hands are coming to support it below 1200, and W/O RIL , dont think markets can travel southwards much.If markets fail to break 2860 and make a higher high, well then we are looking at 3400-3649 as possible targets again over 3240. Above 2960-70 nifty is strong ..A break below 2860 will quickly take us to the 2800-2780 zone and all the way to 2670.This is the litmus test which i had mentioned a few days back , the market has to undergo to test the bulls strength. I still feel that the BOTTOM maybe in place already, (lets watch 2631 closely for any low testing). happy trading ...cheers
PS: will post some charts tomorrow , being a holiday.