India Morning Report: A new month without much festive hope.

Friday’s early big rally in the new series rules out much more upside and a slow and continuous erosion of value as earlier feared in September for “when” the market will correct. Banks might depend on news flow before correcting further and it could still be that the markets never go belo 5675 or at best 5650 bringing the Bull back within the starting days of next week.

Markets seem to have seen good call writing at 5750 and thus there will be a good point for the downward pressure to emerge esp as the market suddenly seemed to be in a hurry from 5650 to 5750-5800 and that meant more probabilities of the Shorts catching something good.

The Sensex 20,000 or the Nifty 6000 targets being not as evenly spaced give India shorts trading hope esp with the Rupee already crossing into the 52 range and the strong upward journey thus having completed the easy part of the target.


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