The last 3 trading sessions are completely news driven and over-biased. If you had closely monitered, one can see that the closing on 08-10-08 and on yesterday both are the same i.e. 3513 & 3518 respectively. So it is once again proved that when ever the market is overdriven by news and making shift from technicals, it will again come back to the hands of technicals. But one point to note is that now bears became more stronger.
Today market has opened gap down of 70 points. Todays market will be range bound between 3410-3452 and this will be no trading zone.
As per technicals, One can go short if nifty breaches 3402, to the first target of 3370.
On the other hand, because of news about RBI's measure on financial crisis, One can go long if nifty surges to 3455 to the first target of 3484.
Depending upon the market's movement, we will be coming with the second target in the later part of the day.
Wednesday, October 15
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