Nifty remained soft, closed strong. Expiry day did not result in any favour to bears. FII turn sellers one off?. Dollar rises, Yield rises, similar story but different results? Bulls print 13 consecutive candles (each made up of 3 days, with two are three minor negative ones). In any game of probability this is unsustainable. Also the move is near the AB=BC, all attention would be to take profits off. Remember all bull moves start with bears taking profit and vice versa. With so many missing pieces it is difficult to fathom a one way moves beyond the deviation around the periphery. Is nifty different from others is the question that rings. Clearly bears are not looking at this stage to sneak in. It is profit taking bulls that can result in healthy corrective moves. The base clearly shifted to 17100-300 area, as the medium term. Short term it is 17500. Both look a long way to go. For the day remain short below 18030 for move to 17850. Auto and IT start to look tired Auto in corrective move and IT in bearish mode. Else where in US Bullard comments that he back for 75 bps point hike in September meeting is broadly ignored by the bulls.
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