Thursday, May 6, 2010

RETRACEMENT

Markets bounced back from the support zone of 5050 to close at the top of the day.The global cues are still negative and Daily charts still indicating a sell along with weekly charts ..that will keep the pressure on the markets..Break of yesterdays low can take us deeper down..5160 is a resistance over which will be 5200 zone..Be a trader till this sellout does not stabalise..This is a correction of the move from the lows. for today 5080-90 should provide support ..enjoy the day cheers..

PS:This is for sunil talreja..
sunil , your buy yesterday was good keeping in view longterm as this is a commodity..your next question of when to buy long term..well my take is Markets always give a huge huge jerk at least twice a year..when the correction is for 3 weeks or over..buy then what you like for long term investments..you are safe then..