Sunday, January 8, 2017

Markets likely to remain sideways with upwards bias till the Budget

The markets continued their upwards march in spite of FII selling. Technically, the markets have retraced the last fall in faster time which means the correction is over for the moment.

1. The midcaps and small caps are going up faster than the large cap, this implies correction on pause for the moment.

2. 8968 to 8002 was A, 8002 to 8598 was B and C is ongoing.

C X is over from 8598 to 7893 and we are retracing this leg which can go up to 8457. Retracement levels are 8162, 8245 and 8328,

Once this up move is over maybe post budget the correction can resume.

3. The FIIs are continuing to sell but the selling is getting absorbed by the DIIs flush with SIP money.

We may have a correction to 8100 which may be the base for a 200-300 point rally.

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