Well US recession seems to be on the brink of confirmation, Asia is a sea red. 5250 held & Nifty has a hugh gap down, should be covered, after which we need to observe future direction. So to cover gap Nifty need to achieve, 5412 (yesterdays low) also the much conquered 5400 will now become again a resistance. Sustaining above 5400 from hereon is critical otherewise we may go back to test 5071, though that trendline support lies around 5150 now.
Many stocks completed their 61% retracements in this rise, but still many are yet to complete even 50% & they most probably will & are still showing strength.
Coincidently as the Reliance Power (11.2.08) listing nears, we see the similar behavior to the resilience shown by the markets before the IPO.
There has been a pattern since sometime, the day dow tanks we recover by end quite a bit but give up gains the next day, when the World markets are green, so enguard / Caveat emptor
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