Yesterday the market behaved abruptly under pressure of profit booking. After a long run of almost 375 points it was not an unwarranted situation. Only the technical analysts were aware of 32.8% to 50% retracement of market from the lowest point of 5178 from where it bounced back. Yesterdays profit booking was expected but I didn't thought that it would be such a big one.
But still I feel that the market fundamentals are strong. Only the forthcoming event of budget is the only event that we all are waiting for. As I have written 3-4 days back that market may test 5300-5340 levels in days to come because this is the gap that market has made in earlier days which it will try to fill in days to come.
Overall, there is nothing to worry.....this was only a bout of profit taking. I feel that it wont break 5150 level. In case it goes below 5150 level then it would become a serious question...?
But still I feel that the market fundamentals are strong. Only the forthcoming event of budget is the only event that we all are waiting for. As I have written 3-4 days back that market may test 5300-5340 levels in days to come because this is the gap that market has made in earlier days which it will try to fill in days to come.
Overall, there is nothing to worry.....this was only a bout of profit taking. I feel that it wont break 5150 level. In case it goes below 5150 level then it would become a serious question...?
