The bulls are desperately hoping to March ahead as the F&O week is here. The long weekend will keep bulls and bears closely glued to global developments. The Fed rate cut and the rally across global markets failed to keep the momentum going in the Indian bourses. Lack of follow on buying is putting tremendous pressure at even slightly higher levels. Most market participants hope and expect this to be the near term bottom. While few incidents of forex losses and promoters leveraging are out in the open, the fear is many such cases may go unreported till something terrible happens. The Nifty will find support and comfort only above the 4,700 levels. The lower top and lower bottom trend on the daily charts may indicate a bearishness. But a few good days could cause a reversal in trend and perception.
Sunday, March 23, 2008
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