Governments step in for a bail out package for the European crisis, market take to a strong 'U' turn. NIFTY has pulled back to value zone gaining more than 3% on its value in a single session. Daily charts do not suggest long trades here, but, there is a clear warning of non-trend in the markets.
This type of knee jerk reaction will take a long time to settle down. There is a likeliness of a prolonged sideways pattern on the daily charts. As the range has widened beyond normal comparison, there are a lot of opportunities in the short term charts. Hourly charts are likely to give trades on a pull back to value.
Most of our long signals on the daily timeframe have been filled. CANBK holds the same entry levels. FEBBANK goes out of short signal. Hold to stops on other positions.
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