Another test for bulls

On Friday afternoon, it looked like the market was breaking out. However, there was not a sort of convincing breakout. If it was convincing, the Nifty would have closed much above 10,400 and this morning with twin disappointment of S&P not moving on rating and global cues looking slightly weak with the Asian markets showing you declines, there is a good chance that you are back in the range again.

However, this is expiry week, so there is a good chance that the market makes a decisive move. As of now my sense is that chances of a breakout are higher than chances of a breakdown.

For more, watch accompanying video...