Levels and Plan for 29th April

We saw buyers respond after many sessions today and the close was near VAH guided by short covering rise in the last hour. But there was also evidence that a determined seller was working away at the rises and a blow away move would not be easy. At the close the move was a spike and spike rules apply in the session tomorrow.

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Levels and Plan for 28th Apr

MO reached -65 today in a trade which looked and and went down like last Monday below a known support. But the risk on the short side is rising now and just like we saw earlier this month how easy a reversal gets when MO reaches extremes, we may get to see something similar. But there s expiry and the month end and the trend till then is down.

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Levels and Plan for 27th April

Last week was all about Moving down but as we moved lower there were signs that short covering could begin and a bounce to unfold. Our stated view is that short covering further weakens a market and the trend down resumes on the bigger timeframe. In a holiday shortened week marked by expiry and the month end close the markets have given us clear parameters for the journey ahead.

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Levels and Plan for 24th April

The seller reentered today a bit earlier than where we thought he may come back in yesterday  and drove the market down to yesterday’s buyers who did an immediate job of defending the auction again. Status quo at the close and we look forward to a quite session tomorrow though friday inventory control can make things volatile again in closing hour.

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Levels and Plan for 23rd April

A short covering rally  was fuelled by  current day shorts and some shorts from yesterday covering short positions quickly. On the immediate scale we are watching 8464 spot above tomorrow which is a catalyst for a further rise to 8556. We feel the seller may re- enter at around 8550- 8580 spot levels when we get there.

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