Bang On.....!!
What a " V" Shape recovery today was.
Within 24 hours, market turned its mood, this is what market behave.. Market across the globe are in oversold zone. China cut the interest rate for home loan & this small step pushed the market up up up... It was heavy short covering rally followed by Reliance, which was up by 6 %.
Majority call options unwinded today and it was really a bear trape. FIIs sell off was for a little Rs 1265 Crs aprox..
But two days are holidays (weekend).
Traders were hesitant to carry the bull position, but huge put writing seen and according to option chain mkt is bullish. 16400 worked as resistant up to now, let's see this time mkt crosses the object or not... Chances are bright enough to make the path smooth for bull. India VIX was also lower than yesterday. U S VIX is also down, which is good sign.
Whole day mkt sustained firm and short covered heavily. Unless unforeseen circumstance, Trend looks bullish.
Happy Weekend 💐