These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.The short term weakness of Friday was brushed aside. The “hoped for” weakness did not materialise. It does seem that the market does not want new bulls to enter at lower levels.
The Nifty has broken out from yet another price projection level, like a hurdler on steroids.
The totally traded volumes are not too strong on both the bourses. It reflects the lack of conviction of the market of this rise. Further, it is noticed that during the last fortnight or so, there has been profit booking in quite a lot of stocks. It may be assumed that there has been interest mainly in the Index stocks. Further it could also be attributed to pre-earning season jitters.
All said, we could see a surge back into the lower rung stocks at a later date.
Technically the position remains as a suggestion to buy on dips.
Plan your trades and trade happy.
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