"Hope todays recovery will take market well above this point(3790) and a close above 3848 will halt this bear phase for short term and can establish sideways movement (3790 - 4250)."
This is what we had mentioned in our Yesterday's blog. As expected the close was 3850 and you can witness that the bear phase had been halted temporarily today.
Though the market is moving as per technicals, sometimes we are shifting the move because of over fear or greed. One thing is clear that this type of shift from TA will make unexpected reaction later in the market.
The best example is todays pre opening calls in all bizz channels. Every one was shouting that the market will slip further and giving next lows as target (because of failure of US $700 billion bailout). Yesterdays chart had clearly shown that bulls got charged at the end of the day and will move the market upwards, but no analysts was mentioning that.
Because of this over fear, todays opening was much below the expected (based upon TA it should be above 3777) but recovered drastically and is going in green.
Watch for todays close which will clear about next move.
Todays R1: 3919 R2: 3965 .
Tuesday, September 30
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