ASI has taken support at 1000 sma.........still not enough

A sigh of relief for the bulls as the index stayed higher than the lower low of 6235.15 for two days now. Also the performance of the index today showed some sort of a strength through out the day, but the end of day did not close higher. However an uptrend in the morning sessions of tomorrow can be expected. Since the Market's recovery had been only for 2 days, things can not be described as healthy just yet. Fibonacci retracement from the recent high of 6587.24 on the 13th to the low of 6235.15 of the 19th, shows that the index has only edged up to 38.2% line, which is not so fantastic. For the market to make a head way to an uptrend then we must see the said recent high broken out. Then should move higher to test the next resistant levels. At this moment in time it is unimaginable. Hence many players will use an uptrend to sell into. Therefore it is not advisable to take positions at present. Instead you should use to exit if your view is short term. I must very clearly mention that the present time is in favour of Value Investors. They should keep collecting on price weakness as and when it happens. Any pessimism and negative sentiments will be there only till June 2016, from then on things will start turning positive, based on many expectations, in and out of the country. But you can not invest or trade on expected sentiments if they do not benefit the Stock you want to enter into. As such we have to see the trade set up before jumping in to conclusions.