BULLS STILL HANGING ON

Market closed on a mixed mode

Though the NSE ASI did gain up by 211.03 points it did not have the strength to stage a breakout today as it closed at 27,714.39.

market was bullish all through, there were signs of profit taking bringing the index %change from 0.85%-0.56% and finally 0.77%.

At close of market  gainers/losers ratio was on a 1:1 basis.

• NET BID: SKYEBANK 142M, Sterling Bank, GlaxoSmithKline, Japaul Oil, and AIICO.

• NET OFFER: Resort Savings & Loans, Equtiy Assurance, Universal Insurance, Multiverse, and Linkage Assurance.

• VOLUME TRADED: 353.76m down by 52%

From a TECHNICAL VIEW:

Trading volume continues to drop as relative strength continues to weaken. To confirm current Bull trend, The Index needs to break

• 28,000 points level to the upside.

• RSI breaking the 66.80 points level.

• MACD to confirm a Bullish cross-over, and MACD HISTOGRAM crossing above the ZERO LINE.

I speculate that a sideways movement is more probable especially in line with the fact that this intermediate bull trend is way overdue for a pullback.  Investors are playing the waiting game now, waiting for a better re-entry on a pullback.  The question is, which force is now predominant?

For me SKYEBANK holds the key.

CLICK....