Early selldown dragged prices to a low of 1,423.47 before bargain hunting set in. Prices rebounded off its intraday low yesterday, possibly suggesting that a near term bottom may have formed. If we are right, prices should continue its ascending trend for the next few days, possibly towards the 1,490-1,500 levels.
Hence, aggressive traders may start to take some position today. However, there is still a possibility that prices may be heading for one more downleg once this rebound is over. Strategy wise, do not fall in love with your stocks. Take profits when gains are made.
Hence, aggressive traders may start to take some position today. However, there is still a possibility that prices may be heading for one more downleg once this rebound is over. Strategy wise, do not fall in love with your stocks. Take profits when gains are made.
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