The election mandate is expected to throw out the bears completely out of the markets today. At the time of writing SGX NIFTY is already at 4095 and our markets likely to open with a 10% higher upper circuit.
It finally turned out to be a 'black swan' for the bears contrary to the expectation, but then a 'black swan' for bulls also not ruled out in the very short term as bears are getting totally wiped out and there will be only raging bulls at one point which needs to be tamed then.
The pattern made on friday, also looks bullish with a clear bear trap at 3650 levels in the late afternoon. Overall on friday we saw a gap up which was sustained throughout the session. Being bearish, these signals were ignored completely.
After today's opening, it becomes extremely difficult to take position either side. It is similar to the situation where markets were at october lows. 'wait and watch' as of now.
Happy Trading
www.tripleint.com
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