The Market started off with a mildly bullish note, continuing over the trend build over the previous three days. For a lot of time it seem that a range of around 10 ticks from 1826 to 1836 had been formed. A good amount of ticks were made trading between these two ranges. Presence of icebergs between these two levels further reinforced this view, in addition to the market behavior over the fact that market behaved in a similar manner over the past three days.
However around the beginning of the latter half of the market upper limit was broken. A lot of us were caught with shorts around 1836 levels. A lot of Volumes were hit at the levels above 1836. The rising market again struck an iceberg at 1843. This iceberg actually was an implied from the March contract. Around 250 trades took place at that level, which gave the bears enough confidence to short at the levels just below 18423. The market thus turned a bit bearish.Also the lack of hitting at these levels and the removal of volumes from the buy side of the ladder turned the sentiment into a micro trend.
The market now started getting lower, but strong buying support around 1830 prevented extreme pullback.The market again got rangebound between 1329 n 1835 levels. The 1835 levels were supported by a large volume 180 at 1836, which was evenntually hit by a single player. However the market didn't move up due to the lack of other players acting in a similar manner.
The market remain subdued there after and didn't touch those levels. The highest it came was to 1833.
During the last hour it did hit the bottom of the day and even got a couple of ticks down. But again as had been experienced in the lst few days the market didn't get to any extremes and finally closed a couple of points higher than the days low at around 1825.
It seems that news from vietnam about status of rains and cyclone will play a significant role in guiding the markets when they reopen on monday. It must be noted that market have been bearish over the week (around 60 tick fall) and may continue to do so in the absence of any bullish news. Having said that, it needs to be reiterated that one should not neglect the fact that the it would be the last week for Nov contract and it could spell volatily for jan contract as well.
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