NSE PULLS BACK

The NSE ASI finally pulled back as the over extended market runs out of steam at last. The Index was down by 351.52 points, to close at 27,578.34.

One negative day doesn't say much but such a significant negative day occurring at such a peak does make it a lot more dangerous than "just a negative day".
The pullback that I am talking about here isn't the kind of long drawn kind of pullback but rather a quick short term pullback to digest the short term overbought condition in order for the market to continue higher in a healthy manner. I am not predicting a market top here. This recovery market has a lot more to go before it hits the next top. In fact, what I am suggesting here is a possible entry point following the coming short pullback, so please don't interpret this negatively.

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