The last one week has seen another significant rally after a powerful bull enfulf on 27th May, a day before the expiry of May series. This has continued further into and the continuous 4 day winning streak was stopped yesterday with a doji after testing the previous day's low.
The distance from the 20 DMA 4045 and the current close 4525 is quite significant (11%).
Though the 20 DMA is increasing rapidly 50 pts each day, this move is beginning to show signs of over extension.
There might be a retracement atleast till 4340 levels in the very near term. It might again be prudent to wait for a correction or retracement to near the 20 DMA before entering again.
Any break and close of 4620 levels at this stage could again see a hysteric up move.
No individual picks for the day.
Resistance levels : 4585, 4620,
Support levels : 4511, 4487, 4450, 4384
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www.tripleint.com
Had a great vacation. Attaching snap of the breath taking view of Rohtang pass (Kulu-Manali).
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