Trend is down and will reverse on close above 8630 spot.
Within this downtrend, markets recovered smartly off oversold conditions... this was along expected lines.
Yesterday's hammer was the first clue and condition for trading above yesterday's high was met on open itself.
Now within any trend, an anti-trend move of 2-3 days is allowable. Today was the first day so a rally for another day is perfectly fine.
EOD charts: sustaining above 8180 will give more gains tomorrow.
Intraday charts (futures):
Break of initial trading range (first box) was a short trade... this was obviously not recommended given the strong bullish sentiments on open. Real trigger for long positions for crossover above the horizontal line (or 8140 fut).
Within this downtrend, markets recovered smartly off oversold conditions... this was along expected lines.
Yesterday's hammer was the first clue and condition for trading above yesterday's high was met on open itself.
Now within any trend, an anti-trend move of 2-3 days is allowable. Today was the first day so a rally for another day is perfectly fine.
EOD charts: sustaining above 8180 will give more gains tomorrow.
Break of initial trading range (first box) was a short trade... this was obviously not recommended given the strong bullish sentiments on open. Real trigger for long positions for crossover above the horizontal line (or 8140 fut).
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