The benchmark indices ended marginally weak, after giving up all the gains in the last half an hour of the trade. The markets were volatile ahead of the F&O expiry. Both the indices had started on a strong note following positive Asian markets and rally in US markets. However, the markets tumbled in the second half of the trade due to profit booking mild profit booking in European markets and US futures.
The 30-share Sensex shed 228 points from an intraday high of 9,699, before closing the day at 9,471.04, up 0.5% or 47.02 points. However, the 50-share NSE Nifty shut 2938.70, down just 1.2 points or 0.04%. It lost 78.7 points from day's high of 3017.40.
Nifty corrected sharply in the second half of the day.Since it had run up almost 200 points from fridays close the correction was overdue.Since this is also a bear market rally, they always turn out to be very sharp rallies and sharp corrections.Till we close above 2825 we continue to be in a uptrend.We have a time cycle date of March 26th which coincides with the March F&O expiry, which could turn out to be a top.I would assume we would consolidate before moving up again.This uptrend is not over yet.
No comments:
Post a Comment