The market in US yesterday was shown a Relief rally that caused the announcement made by the FED- Discount rate Unchanged...And today the Asian market followed the US and made huge gap up opening..In bear market this kind of gap up opening once in a while happen to fill the previous gap's even a small news that favor market...Its purely done by the big market player to exit their longs and and accumulate fresh short..Believe me the Major trend&sentiments are still down the market can not go anywhere expect down side..
We actually make use of today to exit longs in few A group shares and also added fresh shorts in banknifty and Nifty.The Nifty we expect a down fall near to 4770/5470 levels and banknifty may down to 9780 level.One can keep this as a tentative target on the down side and there you can add fresh longs...till such time keep away from longs..Many our clients shorted as per our advise.
Today i expect the Dow& NASDAQ may again fall and the Asian&Indian market expected to open in gap down.Now giving any levels for intraday is not reliable as the market is coupled with the world market and the crisis out side nation have great impact on our market ...The FII's already sold about 1.5 billions.The DII's can not pump much money equal to Fii's to safe guard our market..So be wise and trade wise.
