On the pre-open on Monday, March 19, I was putting forth 8 points why should our markets rebound from lower levels and why they will not seek any lower levels than this. And today, the high was made in style. Even I was cautious, while I was writing my pre-open for today. And I think that is just enough for markets. Again markets have proved that when there is fear and skepticism around, they go up secularly.
Markets opened around 12735 and went down immediately to 12664, caused by the fear of yesterday's close. And by 10.30pm sensex recovered to 12770 and never looked back. A strong consolidation till 1 pm and broke out on the upper side trapping all the bears. Sensex hit a high of 12964.
On Monday, Mar 19 , I wrote about the Tea sector stocks being in the upper circuit. They continued to rally for one more day. And today, they have fizzled out. It is the turn of Bank stocks today. Almost all the banks, private to public and smaller - bigger rallied. Sector rotation game is definitely on. If you are a stock F&O trader, don't chase those stocks after they have rallied.
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