WHAT A RALLY !!! NIFTY UP 150...
Markets did today what it does always. SURPRISE EVERYONE!!
While most of the people and analysts on the street were bearish, markets caught them unexpectedly and off guard with a stupendous upmove crossing all the so called resistances.
The triggers for the upmove came on back of the fall in BRENT Crude prices after announcement by IEA ( International Energy Agency ) of releasing upto 60mn barrels over a period of 30days in the market. This is a huge positive for our markets. ( our refineries are benchmarked to BRENT) and on the news of some reforms being undertaken by EGOM on diesel , kerosene and natural gas prices. That may or may not happen !!!
Markets look overbought in the near term and may face some resistance at the 5500 odd mark and support at 5400 after such a rally. My earlier view and bias remains positive with the same target. However, 2 cases now seem to be developing.
1st case : (Bullish)
Markets have reversed its trend and may rally to 5700 and then 5900+ having protected 5170.
2nd case : (Bearish)
If Nifty is unable to cross 5720+/- , then we may see the markets breaking down towards 5000 odd levels.
My bias remains upwards. However, we will position ourselves as the prices unfold.
Those who are long may continue holding their longs as of now. Enjoy!!!
Markets did today what it does always. SURPRISE EVERYONE!!
While most of the people and analysts on the street were bearish, markets caught them unexpectedly and off guard with a stupendous upmove crossing all the so called resistances.
The triggers for the upmove came on back of the fall in BRENT Crude prices after announcement by IEA ( International Energy Agency ) of releasing upto 60mn barrels over a period of 30days in the market. This is a huge positive for our markets. ( our refineries are benchmarked to BRENT) and on the news of some reforms being undertaken by EGOM on diesel , kerosene and natural gas prices. That may or may not happen !!!
Markets look overbought in the near term and may face some resistance at the 5500 odd mark and support at 5400 after such a rally. My earlier view and bias remains positive with the same target. However, 2 cases now seem to be developing.
1st case : (Bullish)
Markets have reversed its trend and may rally to 5700 and then 5900+ having protected 5170.
2nd case : (Bearish)
If Nifty is unable to cross 5720+/- , then we may see the markets breaking down towards 5000 odd levels.
My bias remains upwards. However, we will position ourselves as the prices unfold.
Those who are long may continue holding their longs as of now. Enjoy!!!
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