Yesterday, after going down by 130 points, Dow has recovered 200 points from its days low. This kind of Intra-day reversals are very strong signal for new consensus for a change of Trend. Bovespa picked the clue as they were in same Time Zone as Dow Jones. We had already witnessed similar Intraday reversal on March 7th, Wednesday. I had immediately pointed out for a bullish trend for a medium trend with a target of 3950/13700 with resistance in the area of 13159-13254 region. And now all Asian markets have opened up and trading above the Gap up opening.
Given that so many factor, what we can expect from Indian Markets today?
Markets will open up. Minimum level that I am expecting is 12618 in sesex. Don't be surprised, if they open above their yesterdays opening price, that is 12700. Nifty futures are likely to open above 3650. Nifty futures will target the immediate Gap at 3680-3758. We are likely to close the Gap today. And by chance, if we stay above 3695 Nifty futures and close above, forget any lower levels for the time being.
Then, there is a caution. Yesterday FIIs were net sellers both in Cash market as well as Futures Market. Inflation numbers are released on Thursday and Friday in USA. So initial advice "Take Half Profits".
Watch again here for important updates during the trading hour.
Happy Trading!!!!
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2 comments:
--with resistance in the area of 12159-12254 region.
++ with resistance in the area of 13159-13254 region.
Hope it goes as typo, and not as real resistance in the coming days :)
Sorry: Resistance levels going forward is 13159-13254. Thanks Mega, for pointing this to me.
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