Quick update today..Not posting any charts..Earlier posted charts still hold valid.
Now at this point, I am very uncertain about market direction..My gut says we are going to dip very hard in the first half of the week and then MAYBE we recover after that.
Either way, nos to watch is 4480 on upside, 4420 and 4350 on downside. Deep support is 4150..Below this, bears will rule big time..
I might just stay out and watch this week until I get some more clarity. I favour downside for now as I said last week 4470 was important - We broke that convincingly. So bears have the upper hand short term...Intermediate term, bulls have to hold 4350 If not, its a clear ride to 4150...And if thats broken, God save the bulls.
On a different note - One analyst whom I respect a lot and whom I also consider as a mentor of sorts - Rajan Sir has started a new blog - http://niftyspotter.blogspot.com/
Check it out...I will be adding this link also to my blog lists on the right shortly...
Best.
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