Well, well, well ... with Dow falling intraday to a low of 12518, a loss of 340 points at one time, and then recovering all the way back to close in the green (averaged down later to close down marginally), could it be that this is the end of the current slide and we have indeed reached a bottom ? I would suggest not ... the current upmove of Dow should take it to a level of 12900-12950 at most, I would expect. Thereafter, unless it is able to cross the resistance of 13050-13080, expect it to slip back towards 12400 levels. Accordingly, it would be best to use whatever positive impact we see in our markets to exit longs that one might have ... and wait. Wait to see if Dow crosses and sustains above the resistance levels, in which case, we can assume that a short term bottom is in place.
And in case you need further confirmation, know that the FII net sell was 3108 cr in cash markets and 3058 cr in F&O on thursday ... it aint over yet !
And in case you need further confirmation, know that the FII net sell was 3108 cr in cash markets and 3058 cr in F&O on thursday ... it aint over yet !
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