22-4-2009 trading shows that trend of profit booking and shifting of F & O contracts to the next month is continuing. But, the intra day swing of 100 points is still on. This correction has to take reversal either today or tomorrow.
F & O data is just not negative. No shorts build up. FII data is a little bit negative. Global cues are negative.
Event: Reliance result after trading hours.
Nifty levels: 10 day ema line support is still maintained but today it may be broken. Next support is 3200.
Very high volatility was seen in many scripts during the last 4 days. Technical indicators are reversed from over bought to down side. Result of this may not be small one. Either this is to down side or up side is a billion dollar question. Election based bare rally is to be continued further now. But, if the reliance result is not so good then markets have to fall with reliance ( A strong rally in this script was already seen from 1100 to 1800. What will be further???). US news fundamentally is not so good but the markets are in strong rally. A little bit confusion. Hence, one may hedge the positions and wait for the swings of Friday/ Monday and clear the hedge positions.
But advantage is to bulls....
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