Anyways one thing to note is that over past 3 days, market has turned significantly weaker. The high so far is 4650 around and recent low is 4470. Until 4470 is broken, bulls are safe but I expect will be broken sooner than later. Only question is how far high up do we go?
No easy answer but lets look at the daily. Put up in log scale on the advise of Kpl sir and several others...Looks interesting..As of now market looks like its broken out of the channel and is teetering on the edge...Which is why I said earlier low 4470 area is important - Break this and trade below for some time and the top is in - 4650. If we can go above 4620-4650, we again open up targets of 4720-4750. This itself might be very difficult to attain so I have no expectations of above this. I would give odds of 4650 being the top quite high. Lets see if 4470 breaks.
Heres the hourly. Pretty much substantiates what I wrote above...Watch 4470-4450 on downside and 4620-4650 on upside. In between we will just be rangebound and volatile.
It would be interesting to see how the SEBI meeting outcomes(nothing much) affects the market today.
You all have a good long weekend and Happy Independence Day in Advance! ;)