market opened weak alongwith weak global markets . it bounced from first retracement support area of 14622.
yet we have not broken critical lvl of 14526 to confirm trend reversal technically to form lower bottom.
assuming that we are correcting and considering we are on pull back we can go upto retracement lvls in upward directions at 15111/15226 50and 61.8% of fall from 15600 to 14622. corresponding lvls in nifty are 4549/4583.after moving upto any of thses lvls if we come down our bearish view cld be valid.cross over of 15261 (high of monday) can be first indication of invalidation of bearish view.
guj alkalies and hind oil explo has shown good strength today.bank stocks have also shown good strength today.
