As indicated by us in our earlier analysis the index did correct but what appeared to be a mild correction initially turned into a strong correction last week helped by weak international cues and a long weekend ahead and bears had a field day after a long wait.
However, now the index is very close to a very strong support at 15,580 and is not likely to breach this level. And if the global cues are supportive then a short covering rally is on the card any time this week. For those who do not want to wait for the rally may enter longs now with a stop below 15,550, as the risk reward at this level seems very attractive.
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