Yes this is what i personally felt during market hours as what has happened today is not usually seen after a down move of around 500 points on Sensex. I personally expected a bounce back till 4650-4670, but nobody would have expected a bounce back to the tune of 500 points on Sensex, recovering all the losses in a single day. The thing that i found unique in these two days was that top 5 stocks that were down yesterday on Nifty are same stocks ( barring Suzlon which is down due to different reasons ) that are top 5 gainers on Nifty today, normally what happens is that the stocks that take the market down are not the stocks that give the move up.
Yes these beaten down stocks should have bounced back but not so much that they become the top 5 gainers of next day.
Nifty view:
"4784 is quite possible in the coming days" is the answer of the question, that everybody is asking where will this pull back end?
0%- 4538, 38.2%- 4784, 50%-4860,
61.8%- 4936,100% - 5182
So after almost 9 days of falling, we finally saw a huge pull back in Nifty. This pull back will face huge resistance at 4750-4780 and if there is any down move then there is a good support around 4625-4645. Nifty has to consolidate during some range and then one can expect a start of the up move for a long term
Have a nice trading day!!!
Regards
Ankit
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