Saturday, December 8, 2012

Bombay stock exchange

The BSE has run over 8% in the past 20 days and is over extended. The market is trading on negative divergences here. While I envisage that this market will reach a peak by April - June 2013 and then down from there into 2014, my short term view is bearish. This market needs to correct here in order to go further up. I expect the market will find support at the 50 DMA to take pause. Charts of Indian ADRs also show the same TA, divergences all over. My recommendation is to sell short IBN, HDB, EPI, IFN in the short term. HDB and IBN are Indian bank ADRs while EPI and IFN are ETFs based on the BSE/ sensex. 

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