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A confusing day
Date 07/14/08 time 9.44 pm
Hi All,
Today the market started out with a flurry, it went into a buy mode in the very first hour. I think the eagerness with which bulls juumped in was clearly visible, tatapower, sterlite, tata motors and Rcom all gave buy signals, but for one which (Rcom) all tohers achieved their targets. Rcom was the last one to give a signal at 449.30 and that happened at 2.00 pm, but by 3.00 pm, the bears were out again. Actually I am not very sure if the bears managed to pull the nifty down today. It was more of bull unloading then bear hammering. Suzlon and icicbank which were sell signals of friday, gave ample chance to escape. Both have not achieved thier target and hence can be expecteedd to do that on the downsidee tomorrow. As i write this The US markets which had opened flat and gone up have again started thier downward journey. This does not augur well for our markets at all. For even though we did not see a fall today. The going is going to be very tough for the bulls to oncee again come out and buy after todays debacle. Hencec watch out for the levels of 3900 being tested tomorrow. Oil inspite of giving a false signal to buy managed to go up to 6279 and so is gold moving up without reason. Though this is good news for the bulls, the very fact that it refuses to stop is something which the bears will prey on. The bias is surely towards the downside now.
They say that when the going gets tough, the tough get going. and so no wonder we see the bulls just sitting it out. lol, they arent tough simple!!!!!
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sinn fien
Neeraj B
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