And it happened again When all Street was short and the surprise rally in spite of a pathetic IIP number which came in middle of afternoon.
Let see technically what happened:
- Market was crashing like a pack of cards from past 6 days.
- FII sold just 3000 cores and people got fearful on the way down.
- Market always move in direction which cause maximum trouble to a short term trader.
Nifty made a triple bottom at 5700 level as shown in chart and showed a pull back from the lows and rallied till 5865. Tomorrow is Infosys result at 9 AM and it will decide the further tone of market.But i would request all not to Short market now.
Levels on upside which needs to be watched.
I have taken the Fibo Retracement from high of 6181 to low of 5690 and see the levels coming
First Resistance is 38.2% @5882 — Should be Crossed at opening itself
Second Resistance is 50%@ 5938 — Tough resistance to Crack