Tuesday, June 26, 2012

It's time for Bulls to rest

Almost all indicators are oversold now, we can expect safely that it time for Bulls to rest. They are very tired after reacting on all good and bad news. They were boldly supported 5100. However today I am feeling it was a tired rally now, there is no energy (Look out for volume).
For rest of the week, I have bearish on Nifty. There is very few occassion when I decide solely on my instinct and this is one of those.
My target is 4960. I am waiting for the confirmation of bearish trend now. I advise not to be rigid and change as soon you realize, you are wrong. I will do the same.

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