The move in the last two session came as a complete surprise and also as a severe blow to the late entrant bears. The move was so clear and the trend was very much up without much of retracement and so gave very little chance for even the intraday bears to escape unhurt.
The fact still remains that those bears who enjoyed last week's intraday profits by shorting whenever nifty reached its 200 DMA are yet to believe that NIFTY is now so strongly placed above its 200 DMA and has made a strong 4.4% upmove in the last two days. Most of those to whom I talked with are still unable to take their stops and are simply sitting with a hope that NIFTY will tank before expiry and bail them out.
Given the current scenario and the way we have seen the moves of the strong bullish undercurrent, NIFTY has to see much higher levels before this expiry. A move above 3510 will be the first shock for the bears which can immediately push NIFTY to test 3580 levels and there is also a strong possibility of testing 3630 levels tomorrow itself or atleast a day after.
Tomorrow is again a big deciding day. If NIFTY gaps up and moves past 3510 immediately, then the rest will automatically fall in place.
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Happy Trading
http://www.tripleint.com/
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