Well today was quite bullish...More than my expectations...Looks to me like some short covering and some panic buying by those who missed the bottom. Well, I am still seeing a decent pullback over next few days.
Some things I saw today and yesterday....Reliance was weak...Visit SS's site - timamo - for more on this...While Nifty continued to rally...If we take this as a sign of things to come, Nifty can get weaker over the next few days after the late to the party retail crowd gets bullish. One other thing I noted today is that all the so called financial advisors on TV have turned bullish. Where the hell were they when we were at 2250?
Well pullback is coming for sure...From where I do not know..But lets watch 3160 and 3250 areas closely for more clues. It might not be a big selloff and I think this one should be bought. I started some small shorts yesterday...Its underwater...And I am hedged. Will look to add some more today. I am not looking for a big selloff and I will also look to buy the dips ofcourse after seeing the character of the same.