Just Refer the chart attached in yesterday's blog. We had mentioned bear zone below 3617. Yesterday close was 3602 so it is difficult for bulls to move the market technically upside.
As there was lot of chances for bulls to move up today because of SEBI news about P-Note issues and RBI announcement of CRR cut, they failed to hold the gapup opening of 130 points. Also it failed to take support on both the levels S1: 3657, S2: 3617 (given yesterday).
Tough nifty tried to take support at S3: 3573, was not sustained in the later part of the day. As Per charts the next support exists at 3544 and 3508.
In traders perspective, todays market is of lot of volatility and is no trading zone. One can take long position only if nifty closes above 3657 (High risk traders) and 3850(low risk traders).
Overall we are in deep forest of bears and we can get a ray of hope only above 3850 and we will be out of forest only above 4159.
Tuesday, October 7
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