Good to see the nice rise, since Friday, we have a definite breakout now that 5400 is out of the way, the next retracement level is 5640 & at 5700 is a gap which I have mentioned will get covered, so the setup seems good, but remember the 5400 which took its sweet time to get broken will be tested definitely in the near future... Also gap after 5700 is around 20,200 of Sensex, which too needs covering. The media guys have being yakking about 5500 levels, since the fall, which I personally dont find any interest & significance in.
As I pleaded to the Markets several times, We finally have an Awesome IT rally going on, Go IT Go, forget the $. Sectors have being changed by the operators to throw the public off, so those who were buying the Reliance's & Infra stocks, expecting them to start running on market recovery, they will run too but after enough of retail get frustrated. Balancing act....
So let's foresee a typical conversation in time to come: "Hey look at IT rise, I always knew we should have bought Software stocks" by that time usual case maybe that software rally may be peaking, "Hey lets dump the Infra / Construction stocks & get into Software, its evergreen" follow-up: "Hey whats happening IT is stagnant & coming off & now Infra started running, just my kindof Luck" Now lets not loose patience & stick to IT", After few months the vice versa conversation takes place....
Dow has been running non-stop since the bottom made, We need to make most of the sunshine & our pullbacks should coincide with Dow, since we are nearing overbought zone, but Monday bullish means bulls are on, there is always a significance of an up Monday, if you notice during corrections & crashes Mondays will usually be down days, so we need a bullish Monday.
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