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.With the derivatives out of the way, the market came back on its track. The market does seem to be topping out for the short term. There are evident signs of profit booking. The profit booking is not as intense to turn the mood bearish. It is just plain profit booking.
As mentioned a few days back, if the Index does not violate 4971 on the downside, we could see a sizeable and extended bull run.
This expected correction may touch around the 4860 levels and that could be a good re-entry point. In such a case, stops may be retained at 4628.
At the beginning of this month, it was mentioned that the whole month of April could be a period of consolidation with relatively lesser volatility and steady trending. The market has indeed behaved true to book. In such a case, we see a cycle in time falling on 1 May 08. Since that date is a holiday, we could see the final signs of profit booking next week.
How deep down would it take the market? That remains to be seen. In any case, the suggestion to buy on dips still remains valid.
Trade happy after planning your trade.
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