AKD TriggerShark Aug 21, 2013 Cross-Roads Between The Bulls And The Bears Short-Term: Previous three candles have formed a tweezers-top below 23,825 level indicating weakness amongst the bulls. This can produce a minute breather towards 23,310 — 23,224 levels with immediate resistance around 23,616 — 23,636 levels. It would require a break above 23,825 — 23,946 levels to regain the bullish momentum. If market fails to defend 23,224 and falls further towards 22,925 level, then such market action would signal deterioration ahead. Trade with tight stops defined. General View: All the ingredients (momentum, volume and market internals) for continuation of primary bull trend remain intact, sighting possibility for 25,000 and 27,270 — 29,039 levels. However, to ride this wave, investors should keep enough room (buying power) for any drawdown up to 20,870 — 19,300 levels —coinciding with the lower cloud support. We find strong potential in ENGRO, PSO, PTC, SNGP, NRL, EPCL, FABL and BOP.
Posted on: Wed, 21 Aug 2013 05:44:03 +0000
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