Market Forecast for 20.03.07
After a bear market last week, bulls had got a relief rally yesterday. The market remained positive throughout the day due to short recovery and also due to fresh buying in the index heavy weights. As i've written yesterday, the market is in consolidation zone and if we can hold above 3735 in the coming days, then a target of 3845 can be achieved easily.
Today the market may open flat and if it remains above 3665+ keep long with a stop loss of 3640 for 3700-3735. if it breaks below 3655 7 sustain below this level, go short with a SL of 3670 for target of 3635 & 3580. Since the yesterday's closing seems to be a relief rally, the same should be used to exit all longs as teh higher levels face heavy selling pressure. i advise the traders to play the wait & watch game as no buying signal has emerged in the market yet.
After a bear market last week, bulls had got a relief rally yesterday. The market remained positive throughout the day due to short recovery and also due to fresh buying in the index heavy weights. As i've written yesterday, the market is in consolidation zone and if we can hold above 3735 in the coming days, then a target of 3845 can be achieved easily.
Today the market may open flat and if it remains above 3665+ keep long with a stop loss of 3640 for 3700-3735. if it breaks below 3655 7 sustain below this level, go short with a SL of 3670 for target of 3635 & 3580. Since the yesterday's closing seems to be a relief rally, the same should be used to exit all longs as teh higher levels face heavy selling pressure. i advise the traders to play the wait & watch game as no buying signal has emerged in the market yet.