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Market surged with vengeance taking
many by surprise
Indeed, there was nothing special
to trigger such a huge rally except purely Technical. In fact, global
markets were subdued and in spite of this, market rallied across the
board with positive A/D ratio.
We were expecting such big up days within wave 'G' at its ending stage
and we got one. This wave 'G' seems to be internally developing as a
small "Diametric" again, of which, we are probably progressing up in
its segment 'e' (see chart for its suspected path). Approximately, 5
more days are yet to go (plus-minus 2 trading sessions) to complete
wave 'G'.
Price wise, target is set to be minimum 17370 to maximum 18615. These
targets, we are giving in our reports since SENSEX was in 15000 zone.
Now, as index is beyond 17000 mark, it is obvious that we are at
finishing end. We are really not very keen for much higher targets
however, it can be little more or little less than our minimum
expectation i.e. 17370.
In the immediate term traders are advised to be on the long side with
a stop loss below 16800 on closing basis.
Supports for the day
are at 17014/16943/16868/16802 and resistances are placed at
17170/17245/17310/17370/17440.
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