After the fall on 31st Aug, yesterday the market has moved within a range without breaking the lows of 31st Aug. This could mean 2 things: Either the market has exhausted the selling pressure and we wait for the bulls to take over again OR after the pause yesterday, we can see renewed selling pressure today. The charts are not clear and hence I am not sticking my neck out and trading very aggressively today.
The following 3 scrips on my radar today:
Asian Paints & Tata Consum: These are the 2 scrips which have been able to retrace almost all the fall and selling pressure of 31st. IF these move above their ATH levels, we can see renewed buying.
HDFC Bank: This has formed a spinning top indicating both buyers and sellers are active....will trade only if the strength sustains above the recent high of arounf 1150 and the BO level is 1156(future prices).
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