Yesterday after 12 there was sharp recovery which made nifty closes in green, and made look like bulls are in control, are they really ? I would say no, currently sideline money is flowing in market at every dip, liquidity and sentiments both are supporting price and helping bulls form hitting there reversal point which I think is some where @ 4150 to 4000.
Currently as Market is trading over its 200 Day Moving Average + Strong Political Setup is made + India is developing country and lot many things to be made. This all things are appealing for long term opportunity in India Equity Market. Fundamental is running high right now and if this rally is stretched more upward then surely we will see Euphoria 2, fall there after. Any figure above 15000 on Sensex is fairly expensive for this Quarter, and any thing above 18k will be expensive for coming two quarter or at least for coming one quarter.
In short term 13275 on BSE will act as good support; breaking form this level will take sensex down back to sub 12K territory. Currently it would be very risky to have open position on either side with intention to carry over for next day or next week. I would strongly recommend to hedge positions in case, where anyone making profit or running into loss. Market is waiting of some direction on either side. In coming week we hope short term trend will be much clearer, then today. Please also bear in mind form Monday we are entering into F&O expiry week, avoided making big overnight position.
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