When the Going Gets Tough -- The tough gets going ...
All in all A balanced Day .... I will term it as consolidation only . Nifty along with good Global cues manged to Gap up and remain in the upper bracket the whole day .But the positive momentum too didn't help nifty to march ahead. Is this weakness ??? I would say no because as we look at the picture today there was no aggressive shorting in the market . Simple logic says that at the peak of 5510 today the buyer was not present and that's the reason that when the buyer is not present by virtue of the nature of the market it apparently falls.
Today was a case where no aggressive shorting nor buying was visible.An inside day.Thus any side break out would give a very powerful move of almost 100 points.
For tomorrow we can look for 5412-5410 region on the lower side and 5530-5540 on the upper side. Trade the break out .Between this range is a risky affair as it is a no mans land. Vice-versa aggressive players can take long with a SL of 5410 for target of 5485 .5485 NF is the level from which we broke today so it would play a major role tomorrow.
All in all in my opinion i expect a rally till 5620-5700-5750 . Later the movement of market will decide where we are heading. In simpler terms a bottom is in place with a 3 days of consolidation.
Don't Blindly short the market.
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