Closing: Long Wait failed: Nifty 8299 (-72)

Morning wasnt good enough as we saw a gap down opening due to global factors. All the frontline stocks had opened almost -2% down but the few good one recovered. Leading the recovery was the most promising defensive sectors Pharma and IT. Those sectors always protect long traders in such situations. Infosys and TechM managed to close in green while TCS lost gains in the end. Sun Pharma and Auropharam managed to stay positive. On the later part of the day we did see some recover post 8300 but that was just a short covering. Though we have closed with the a Doji and chances are of a strong reversal on Monday but this would be a minor wave uptrend. Could we touch 8860? Yes queit possible but still the chances of 7600 cant be ruled out than. So as of now, we can expect a short covering due to expiry week but how long we sustain can be unfold only after Mondays Move. Be Cautious on Monday! 

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