World markets have started to correct and we are precariously hinged on top...doesnt look good.
October traditionally has not been favorable in any case & this one doesnt look good anyways....
Yest the FII's bought a great amount of money (i think around 700 cr) and yet markets were flat, my fear is what will happen if they start to pull out. FII's put in around 20K crores in the month of Sep, so if they stop markets might not have the support to hang on where they are.
Chartically also we are not looking great, with RSI going above the danger mark and making a double top....the point is that its better to be cautious. . .specially now that the global markets have started to correct. . . .
Lets see where this series leads us....I wont be taking long positions until we break 5200....
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