Though VIX gave bearish possibility, market used that opportunity to make new high giving more than 200 points from the low.
There was no selling opportunity...ORB gave a buy call at 10.15PM and market never faltered there on. At 12.00 Noon, the hourly also confirmed a buy.
I failed to highlight the "buying opportunity" in Nifty as long as its trend is up.
Real and confident selling opportunity will arise after some -ve div, closing below 5 DMA, breaking of channel, etc.
Waves will get extended with myriad possibilities but the channel is intact.
Wither Nifty stops at 3370 and spends a couple of days correcting towards 3200-3175 or marches on to go past 200 DMA and consolidates above that.
This will be the 5th week of closing positive.
There was no selling opportunity...ORB gave a buy call at 10.15PM and market never faltered there on. At 12.00 Noon, the hourly also confirmed a buy.
I failed to highlight the "buying opportunity" in Nifty as long as its trend is up.
Real and confident selling opportunity will arise after some -ve div, closing below 5 DMA, breaking of channel, etc.
Waves will get extended with myriad possibilities but the channel is intact.
Wither Nifty stops at 3370 and spends a couple of days correcting towards 3200-3175 or marches on to go past 200 DMA and consolidates above that.
This will be the 5th week of closing positive.
VIX-Fear Index breaks out confirming a bearish scenario after Nifty completes a "5" wave up. 3060/3150 to 3285 may be a trading range initially. Trade with caution as the Weekly uptrend is still intact. Stocks may behave as per their individual TA conditions.
This monster rally is now just below the 200 day moving average at 3392. A word of caution though - Out of 1278 odd stocks in the NSE, 1024 or 80% stocks have underperformed the Nifty since October '08. Secondly, 462 or 36% stocks are below their October '08 close.
The Indian market opened gap down on weak global cues but saw smart recovery in session and close with handsome gains. For coming session we can see more upside toward 3400-3470 zone on the lower side 3230 will act as support zone .
This monster rally is now just below the 200 day moving average at 3392. A word of caution though - Out of 1278 odd stocks in the NSE, 1024 or 80% stocks have underperformed the Nifty since October '08. Secondly, 462 or 36% stocks are below their October '08 close.
The Indian market opened gap down on weak global cues but saw smart recovery in session and close with handsome gains. For coming session we can see more upside toward 3400-3470 zone on the lower side 3230 will act as support zone .
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