EOD Update Nov 2 2010

A Frustrating Day ..... Could not resolve much 

Today action was quite a frustrating one for day traders. Side ways move The action was almost locked between NF 6144 - 6167 . Some whipsaws were there but could not resolve much. This is what happens when volumes are low. We can term it as the Blood of the Market .Even the RBI meet failed to cheer up the volumes.Can we term it as "Chaos" before the great Fed Meet.( Will come shortly with Trading Chaos).NF went below the reference line of 6141 and again managed to climb back just to face resistance two time around the 6174-6170 region. No signs of profit booking or shorts in the market.

Tomorrow's action would be an action packed one to the delight of traders Nervous Bulls may book profit before the Fed Decision .With OB reading NF may correct to 6110 - 6080 - 6067. Resistance still comes at 6170-6175 region a break above it would lead to 6197 - 6224 and much higher.

As of Now the bias is still Bullish with upper targets of 6197- 6224.

Note : In may brokerages firm trades in Reliance have crossed the Ban limit Some thing fishy is cooking in it. Reliance is just shaking the weaker hands out of the market and then would resume its up move till 1140-1160.