Hmmm so Lord Ram ( holiday on account of Ram Navmi) did indeed save us on Monday, from the Dow Effect! Today we opened on a very cautious note, tested the 4700 support (remember heavy writing in 4700 PE), found it strong enough to build up today’s gain. Any one who shorted in the morning must have been caught in the wrong foot today. All in all, a good trending day, with every pull back to the MA, there was an opportunity to pyramid. It looks like writers of 4700 PE have booked their profits, and shifted the action to 4800 PE now. We have not only closed on the upper end of the intraday range but also managed to make a new High for the month (well it’s just a fraction of an increase, but an increase nevertheless!!!). 4960/70 is important now, because thereabout resides our 50 DMA. Above that we can target the area (5095) where we had a Death Cross. All this talk though certainly smacks of bullish bias, but one should still look at the Price for confirmation, as they say “Its not over till its over!”
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