NSE PULLS BACK

The market pulled back today as the over extended market runs out of steam at last. The NSE ASI gapped down by 445.72 points, closing at 25,966.25. Of course, 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 I spoke about here isn't the kind of long drawn kind of pullback but rather a quick short term one week pullback to digest the short term overbought condition in order for the market to continue higher in a healthy manner.

My yesterday report . I said Zenithbank and GT Bank held the ACE of todays trading that any Negative Trigger will change market scenario.

I was not present in todays trading because I lost a very dear cousin. Information reaching me showed heavy tension in early hours of trading as Zenithbank bank shares had a 15m Bid/Offer deal, this even entry forced traders removing their earlier buy mandates, thus increasing Sell signals.

Technically, We expect the index to find support levels between the  50% Fibonacci levels of 25,713.52-100% of 25,000 points.
Tomorrows trading is likely to experience more Panic Sell offs with other players positioning for new Entries.

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