broke like knife throw butter yesterday, are the bulls about to throw in the towel now?
The bulls have already lost hope but I think the only silver lining, when you compare it with what happened in January and March is a sizeable short positions also building up. 4,800 is undoubtedly broken which was an important level for lot of technical analyst, as you rightly marked. We may now see the Nifty going down to 4,640-4,700, and in the event of that also is not holding out, you may see the retest of 4,500. I think the difference between January and March as I have said before is that time I think there were no short positions in the market, so the fall was precipitous. This is going to be a slow grind I guess and shorts are going to build up at every particular level. The Nifty on Moneycontrol Archives “>Nifty&datesel=2″>Nifty is really suffering from the weakness of the two big heavy weights; the weakness of State Bank and Reliance. Reliance is close to an important support zone at around Rs 2,280 and State Banks support is further down at around Rs 1,250-1,280. I guess th
