Bears have managed to strike early in the day by breaking Nifty futures 3595. The opening is just a dead cat bounce opening and that helped only the bears. And when inflation numbers came at the break time, it was just the news bears were waiting for. They took BSE sensex to 12316 just below the 12327 level where I thought Bulls might try to rescue. 12327 is the 161.8 correction level for the rise of 12504 -12789. And Nifty futures recovered 22 points quickly to 3564 and short covering started. Usually, this 20 point from bottom is the trailing SL I follow. A further attempt towards 3542 (Nifty Fut) was stopped at 3551. From there on it went on to reach 3594 and it came down further 20 points from there by close.
Bears will be happy that they managed to break below the previous two bottom 12390 (Mar/7), 12344 (Mar/5). And they hope for further correction going into next week.
Bulls might be happy that they rescued 120 points by the close. Nifty futures did not go down below the levels of Mar/7 and Mar/9.
So what to expect from here? What we can expect Indian markets on Monday? Anyone closely following markets would say that it is not easy to predict them. But, we will try to do pre-open for Monday.
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