Yesterday’s, 21st Feb instant, was perhaps one of the best I had witnessed in the recent past with huge swings, creating an ideal atmosphere for day traders. However, I would anticipate yet another highly choppy session today. Another interesting thing to notice was the volume in some of my favorite counters like, JSW Steel and Tata Motors.
The recovery according to me was a mere ephemeral in nature since the last fall was without any strength and an obvious reaction to the primary fall.
With 5546 still posing a strong resistance with 5460 as support, I would expect 5390 to test. JSW Steel on the other hand started the day with very low in volume and was holding pretty well with 875 support and good buying was seen at that level despite market sentiment in the first half and zoomed past my first resistance 906 to close at 920.
My MA Crossover and MACD clearly indicate yet another major correction prompting a secondary fall. The only factor to be considered during the secondary fall is whether the fall is going to be with or without strength.
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