What a day!! I am almost certain that during the course of today all technical analyst would have had their heart in their mouths. Today’s session was akin to having an NDE (for the uninitiated on NDE please see here) of sorts for the investor and speculators alike. When we were below the dreaded 4747 pt on the Nifty for a few moments it felt like this stops at below this level for the day and there we slid into the abyss. Then the spectacular happened, we slowly pulled up and stabilized around the 4760 mark several times testing the patience. And finally, there was a rocket effort to take it away to glory and way above the dreaded 4747 closing.
Several questions come to mind here.
First, where did the rocket come from? The buying interest that came in the last few minutes of the session; was it from genuine delivery based guys taking long term position or was it from speculative short covering folks.
Second, with all stocks but a few holding in the green for better part of the day, was there a lot of bottom fishing going on in the names that were deep in the red?
Finally, is this pull back for real?
The best part of the market is that we are still two session away from any meaningful event that is yet to happen in the Indian context, the RBI policy review on Friday. So it would be interesting to see that this pullback or whatever has happened today stays afloat tomorrow and day after as well. Else we could be having an NDE2 and NDE3 very soon. Don’t worry it doesn’t work that way. Normally in any person’s life cycle there is only one NDE and if we indeed had one today, then the market should be in safe zone now.
Very interesting period for the asset markets I must admit; savor all the moments; as unidirectional bull markets – once in full flow would really be quite boring. Besides, when even your auto wallah investing and telling you an investing tip or two is not the best thing to happen anyways.
Enjoy while the climax on the market is on.
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