IS IT THE CHRISTMAS RALLY WE ALL HAVE BEEN WAITING FOR?? WELL I DON'T KNOW ABOUT THAT BUT BEARS ARE SURE HAVING THEIR OWN HALLOWEEN :)
They say there are two emotions that dictate the market. Greed & Fear. My trading experience has taught me that there are three.....Greed, Fear and EGO!
Todays rally was based on fear. The weak bears pressed the panic button and covered their short positions.The market engine was firing on all counters. Metals, Banks, Realty, IT, Cement...all participated with complete enthusiam!
There are still some strong bears who are standing with their shorts. Now its time to crush Ego and Market will do that sooner or later.The bounce back from important supports of 4950 on Nifty and 16600 on Sensex just reassured me of the underlying strength in this market.
Hold on to your longs.....Reliance,GE Shipping,Glenmark Pharma, Core Projects etc. And enjoy the ride.
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