During
the weekend review we saw the recent up move was lacking conviction and the
probability of taking out 9220 is less. However contrary to our expectation the
index did cross the crucial level of 9220. Has this level been successfully taken out? The volume seems to tell a different story. We
had lowest volume in recent times ( I hope the NSE data is right). Obviously
the volume does not warrant the move we saw today. This makes the move a suspect.
It is uncommon to see such low volumes when the index is seeing historically
new high. Does it mean that sellers just stayed away? So, tomorrow is very crucial. We need to wait
and see whether today’s move will be validated or the move will fail and we
will see index going back into the trading range. Technically or rather VSA wise the later seems
more probable. But then the market will have its own say as always. Keeping my
fingers crossed.
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