Those with protected positions may remove the cover intraday on suitable signal and re-enter cover at EOD or as suitable intra day. Close above 5240, no cover. Expect the market to show a bounce tomorrow, though US and EU are in the negative and as such no cues……………… But our weekly charts indicate a narrowing down move bias now, in an uptrend. And an expected break out /down is due before 1st week of Feb'10. Below 5175 depending on volumes or news flow, market could move. But with IT showing such strength, I guess markets are poised upwards only.
As the market made a break out on a triangle, the upper edge for the week is 5178 and lower edge 5120. today market took support of 13EMA on daily chart at 5200. Hope that holds……
Basically the gap few days ago has been closed and as such that is of no value. Now the indicators rule the roost. Which are all pointing downward.
If the market gaps down and covers the gap, be sure the reversal is in place……………………..
Those holding positive profits may begin playing the market and enjoy the profits……… in case of negativeness. Apply SL to all holdings as suitable as per ones perceptions.
Friends remember the magical number 5200 for tomorrow on many counts. Below which I feel a lot of selling will happen………….
Abe
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