We were back after a long weekend and we could not get momentum for rally. There was a global sell off but we did not participate in that. But we got some pinch of it today. We start in the red but maybe not as badly as most Asian markets started off yesterday.
How Our market behaved toady:
We started a bit soft because all Asian & global markets were trading in red. There is no momentum in the market on the way up at this point at least. So I guess some pain still left to come in future. We try and hang around this kind of levels but upsides or big upsides from here do look a bit difficult. On Nifty Everybody is talking about levels of 4,600 as it was very important level for us. But it came & gone. We closed below 4550. Not a good sign for long traders.
This is not the zone of support that people are talking about. I think one should attempt to buy in small amount. The market has lost quite a bit of ground quickly. You might get odd bounce unexpectedly.
Tata Steel as of 3'rd Nov 2009.
Thanks & bye............
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