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Past few sessions were not very good for long traders. But I guess we all were expecting this. Market has been ignoring any negative news . There has not been any significant correction in past 4 months.
As I see in chart above nifty is trading well above its 52 week and 20 moving averages. These avg act as baseline from which stocks usually rebounds. Hence we have a support at 4845 and 4658.
Also I looked closely on volumes and definitely volumes on red bars ( low days ) are small compared to green bars ( high days ).
Globally .. commodities sold off in NYSE on negative news from Home sales. Chinese markets are still struggling. All money is finding ways to India. That includes tons of hot money that rides momentum.
Here is 3 month nifty chart and you can see we are within good range of Bolingers. Also accumulation distribution looks good. These are good sign for medium term.
Now what for short term ? What will be tomorrow or next few days ?
In short terms ( days ) I think we have some more negative sessions ahead of us before the ride continues. There has not been any significant sell off in the market despite negative days and I am not expecting much.
All eyes are now set for corporate results. While stocks are looking expensive on good rebound anticipation, corporate india still need to prove that investors are right. Any poor showing on results can trigger big sell of.