I was expecting the price action to reverse by afternoon. But, it did not happen. However an Inside day on the NIFTY spot daily chart was formed. Hence it is difficult to assess the action for tomorrow. Moreover due to the expiry day effect, we may experience high volatility. So… we will watch the action tomorrow.
In DOW future, for the last few hours, shows confused move, which is likely to test the recent bottom. This price action can reverse at any time; hence a close watch is needed.
If the recent bottom is breached we may see it touching 9700. It definitely poses a tough resistance at around 10200. Since the Daily and weekly charts are in a deep bearish mood, I do not expect a strong rally.
Today’s action “may” be just a breathe taking exercise. We will see.
