IndiaSphere

Tradesense submits:Friday’s upward move and its likely continuation at least in the first 3 to 4 days of next week can at best be a breeze in the valley of pain. Nifty taking support at an intra-week support level of about 2500 seems to have given confidence to a lot of players. Let us look at the situation a little more closely.

From September onwards, every worthwhile technical level was broken with impunity and even long term supports as shown were given no regard whatsoever. Major retracement supports have also been broken. This to me essentially means that the underlying forces that made this pattern are undergoing a structural shift and that a new set of forces are emerging which are going to determine the pattern in future. How this will shape up can be speculated only when these new forces start manifesting itself in a clearer way.