Market spiked before the announcement of JPC formation and slipped after its announcement. Market is reacting many sentiments:-
1- Libya internal problems
2- Global markets crash
3- Union Budget
4- Devivative Expiry
Technical positions are as follows:-
1- Rally started on 11-02-2011 corrected on 18-02-2011.
2- Correction completion strong indication on 21-02-2011 after base fornation within 5415-5445.
3- Higher bottom formation today but slipped from higher levels also.
Although slipped from higher levels but technically bullish formations also today therefore rally hopes are still alive despite last Friday sharp correction and Libya internal problems.
Trend confirmation range of today is 5470-5515 and its break out should be watched.