Markets opened with a downward gap on Monday 9th March.Weak global cues continue to haunt us.The relief rally of friday was shortlived.Relentless FII selling brought down the bankex by 24% in last 15 days.There was selling pressure through out the day,nifty opened at 2600 ,20 points lower and then went down below 2560 levels to close at 2573.We have two holidays on Tuesday and wednesday when international markets are open.So Thursdays opening will depend on how international markets react in these two days.A close below 2564 will make markets even weak.The bullish levels are bit far off so trend continues to be down to neutral.We have 2 time cycle dates this month, one is on March 13th and another March 26th.This also happens to be a fibonacci window where major market turn arounds can happen.Looking at the present market dynamics i would assume that we would bottom somewhere around these dates.From where markets could see a good bounce.As of now there no signals of bottom yet.
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