Weekend Thoughts....

I wanted to let you all guys know that market is now at an interesting make or break situation. Look at the NIFTY chart here...

NIFTY is heading towards a very strong support at 4950. This needs to be protected now for us to remain bullish. If its protected and we move above 5000 - 5100 levels. We will see 5400+ in the coming days. However if market breaks 4950, then all longs should be exited quickly. It will be a bad omen if 4950 is broken on closing basis. We will see another good downtrend from there on. US markets have closed negative yesterday. Now if Asian markets do not fall much, we might open to flat to slightly negative and then move from from here. Monday will be an important trading day. This will decide if we are heading towards 5600 or 4000 levels in the coming days. Lets keep fingers crossed and whichever way market moves we will take the same direction...

There is also a good possibility of a technical bounce here as market is oversold on intraday charts.