Now to our local back yard, euphoria is trying to creep back into the market, the bulls have taken the index up by 60 odd points on friday from day low.Hence Monday should be much better, the ever optimistic chaps say a gap up opening as SGX Nifty has shot up.....Asia should be booming too, Hangseng forgot it's correction, and now going up.
All in all everything looks like set for a bull revival and new highs being whispered.Then the reality strikes you hard, in a stock market what every one wishes for never or rarely happens. This market when NIFTY HITS 6100 or slightly above will go down into a deep correction, from which only will it rise for a big bull ride. This market will see lower levels than those seen before and the 200 dma WILL BE TAKEN OUT.The citi analysts and some other analysts say 5600 levels, I do not think so, unless panic sets in then anything can happen
Be very cautious...unless you see the Nifty spot crossing 6250 then only the word bull market can be openly stated till then Caveat Emptore.