Last night DOW breached DECEMBER 2008, lows of 8072, touched 8000 mark by going till 7996, bounced back 280 pts from there to finally end flat +12pts.Asian markets which were hammered out of shape yesterday have bounced up this morning and may close in the +ve to compensate some of the losses of this week. For Indian markets, expect the indices to be in line with other Asian markets at the open and operators may even take it up till 2800 to close high. Will this be again to trap on Monday??
SENSEX & NIFTY lows are 8467 & 2570 which is most likely to be tested during last week of Jan 09.
The negative news is over shadowed by Obama's Bailout package, we need to see how long this can hold DOW above 8000 mark.
Technical View:
NOW SINCE THE 4TH WAVE TRIANGLE IS BROKEN, AND 1ST SUB WAVE AFTER THE BREAK DOWN FROM THE TRIANGLE REACHED TILL 2720 ON TUESDAY, A FALL OF 422 POINTS FROM THE HIGH OF 3142, 2ND SUB WAVE RETRACEMENT YESTERDAY WAS COMPLETED AT 2853, NOW BE SURE TO SEE THIS 3RD DOWN SUB WAVE WHICH STARTED ON THURSDAY MAY STRAIGHT TAKE NIFTY DOWN TOWARDS OCTOBER 08 LOWS OF 2252 . SO ANY INTRADAY UPSIDE OR A DOW INDUCED GAP UP OPENING ON ANY DAY SHOULD BE TAKEN FULL ADVANTAGE OF, TO BOLDLY SHORT FEB FUTURES & JAN 2800 AND HIGHER CALLS AND BUY 2700 PUTS FOR EXCELLENT GAINS IN NEXT FEW DAYS.
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