It's hard to imagine Monday as a profit taking day, right? Whatever happened to the Monday effect? The Monday effect is a well known market anomaly where Mondays usually continue the trend of the previous trading day. Traders and investors now need to be wiser and more knowledgeable rather than depend on well known market anomalies for trading.

Back to the Market, Today's profit taking is nothing to be surprised about and changes nothing.  The Index is merely trending within its Support & Resistant level of 27,000-28000 points and might likely trade sideways. Until, we see a break below the Support level before we can confirm a change in the current trend.

As you can see from the chart below, On a Technical ground I did say market will make a pullback (see report) within a 27,000 range before we experience another rally. So far a familiar pattern "INVERTED HEAD & SHOULDER PATTERN" is beginning to form on the index.

• Left Shoulder formed around 27,000 points range from a Double Top/Double Bottom formation

• Head formation formed within 25.600 to 27.7-27.800 level.

• Right  shoulder forming and might rebound off the 27,ooo Support level.

As we go into tomorrows trading be sure that there will be signs of Buying pressure as prices trend Lower.