Reflex bounce

Market had series of negative days before Friday. So Friday witnessed a reflex bounce. The underlying breadth was not indicating major buy pressure.

This kind of action is in line with the possible range scenario. There are number of factors aligned together for a tough headwinds at this stage. China and other BRIC countries slowdown, European debt problem, slow down in US economy, political uncertainty. Considering all those negative issues market is holding up pretty well as of now.

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