==>> Markets may witness some correction from next week

Markets opened strong on back of strong Global markets. US mkts closed up around 1%, Asian mkts too opened up strong. Indian mkts too opened up stong. Indices felt a bumpy ride in the intra day session. Opened up strong, but slided to almost to the -ve zone in the closing session. Sensex closed at 15103 up just 95. At a time it was high as 225 points. Sensex made a high of 15257. Nifty made and intraday high of 4636, but lost its glory in the end, and finally setteled at 4585 just 16 points up. Still, I prefer to stay cautious in the Market, as in the last 4 days trading pattern still significes that the correction may be in the making. Today also markets surged through out the day but lost its glory in the mid session. Traders are booking profits at every rise. Profit booking were seen in many of the frontline stocks. Mid caps did not perform well in todays trading session.In the last 4 days 2 Doji pattern, and 1 small Inverterd hammer pattern has been created on the recnet top, in the chart of Nifty. The RSI is trading above 70 since a long period and the MACD is also giving the sell signal in the short term. Markets are trading in the over bought position, and within sometime the markets will witness some healthy correction.