April 9, 2014

Market outlook (NIFTY and B.NIFTY)

In a previous post, I mentioned that the "... expected correction has started or may even be ending!".

Two days of lower highs and lower lows is all we got and this is enough in a bull market.

Right enough, the correction ended faster than it ever started and trapped everyone who are desperately looking for an opportunity to short a rising market.

Advance decline was excellent.

This rally achieved two things:
- highest ever close and
- increase in SL from 6420 to 6640 spot (finally, after a long time).

Fibonacci retracements point to strong resistance and possible termination of the rally between 7000 and 7200. Personally, I prefer to go with a trailing stoploss.

We have a similar increase in B NIFTY SL from 11800 to 12400....

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