To start off, index closed WoW basis in neutral territory with literally 0.00% gains. The lower pivot zone is proving to be a multi tested supply zone and recovery is observed from this point with surging volumes. The technical levels are updated as index carved a new pivot zone around 41200 and still needs to cross 41900 +/- 200 to be in major bullish zone.
So did our pessimism on the index paid off? Absolutely, as the entire week gains failed to sustain on the last trading day due to aggressive profit booking. We retain our pessimistic view until a clean break above 41900 +/- 200 is observed. Looking forward, the range bound movement is expected to break on the upside if 40700+/-200 continue to hold as support.
From this we get the market idea
And hoping that market will cross 41200 with good volumes
And finally it did..Met the benchmark of closing above 41900Delete
Very informative. These analysis helps us a lot. Keep it up.ReplyDelete
Very informative. Get the idea where market heading towardsReplyDelete
Your analysis are spot-on!ReplyDelete
Impressive analysis. Helps alot in formulating weekly strategy.ReplyDelete
Good work masterReplyDelete
Great analysis .. you are doing good job dearReplyDelete
Master excellent analysis. I keep seeing market throughout the week through mirror of your blog. Keep it up and May Allah bless you and all of us with good health and prosperity aameen.ReplyDelete
Great analysis with accurate insight. Well done Master, keep up yhe good work.ReplyDelete