Those who bought april puts should hold for atleast a retest of 3570
Failiure to cross 3800/3820 gap down will result in weakness
3760 support from gap up area.
below 3756 possibility of an island reversal top
supports 3737/3699/3574
below 3574 large C wave down type move begins.
first hint = 3800 holding (above 3800 u have an intermediate market bottom)
next hint=3756/3737/3699 breaking
dow jones equivalent breakout level = 12.3 k or so
also regained by bears today but keep an eye on it.
My hunch is that 3800 will be regained by bulls within 2 sessions and 3900 will be retested.
So keep an eye on dow breakout level and our breakout level as well.
Our intermediate bottom is negated below 3570. Bulls were screaming buy at 3830 :)
Where are they now??
Thats why at 3900 i was saying wait for the 50% retrace. The dip decides what comes next.
I still believe that 50/62% retrace of rise can hold. Just check pharma stocks they held their retracements and broke up today.
Strength is only above 3800/3820. So some bulls will be waiting for breakout.
Bears who shorted at 3900 probably holding with sl above 3900
We might look to the world again for world market 'sentiment'
all of europe was down today.
China was down today dropped a bit but ended on a new 52 week high.
We are unfortunately much weaker, any hint of weakness from world markets tomorrow and bulls will be in for a lot of pain.
3900-3971-4040 max upside remains after which sub 3570 levels are imminent.
So 3900 calls can probably be sold for 70-100 rs for april.
For now 3550-3900 range remains
I was hoping that 3760 would hold but market doesn't seem to be doing that right now.
So we gotta look at the retracement levels
in spot
Retracements :3574.3-3901.45
0.236:3824.24 0.382:3776.48
0.5 :3737.88 0.618:3699.27
0.786:3644.31
in nf
Retracements :3542.1-3904
0.236:3818.59 0.382:3765.75
0.5 :3723.05 0.618:3680.35
0.786:3619.55
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