A BULLISH DOWN DAY

The NSE ASI fought a rough battle against the bears today to end the day down marginally by 28.10 points to close at 27,686.29.
Even though the market was down today, it was actually an extremely bullish down day.From now I think the Bullish rally is over and it will be common to see a few sideways days following each significant bullish or bearish days as traders consolidate a little before a new trend continues.

  • Net Bid: Skye Bank, Japaul Oil, Aso Savings, GlaxoSmithKline, and Mbenefit.

  • Net Offer: Resort Savings & Loans, Equtiy Assurance, Universal Insurance, Multiverse, and Dunlop.

The 27,000-28,000 region is yet another support/resistance level for the Index. This congestion zone for now is where index will consolidate before a new rally will begin.


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This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. TRW accepts no liability whatsoever for any loss arising from any use of this expert or its contents.
 
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