Hi All,
As stated in the earlier post, after breaching 8300-8180
Nifty continued its downward journey and reached the targets of 7900-7800....
Now on daily charts it may find a small
support near 7700-7750 levels and witness a small bounce after a massive sell off
of past 2 days, however, that may not be a start of a fresh up move and Nifty
is likely to come down further to the levels of 7500-7400 at least.
Any bounce from now should be taken as a
selling opportunity till the time Nifty does not cross 8550-8650 levels.
As per FM’s and RBI Governor’s statement
nothing is drastically wrong with Indian economy except a below normal monsoon,
which I personally feel is been discounted in the current sell off.
For investors - this is a golden opportunity to procure
quality stocks at these levels with an appetite to invest a bit more if Nifty
falls below 7500.
Traders are expected to trade cautiously as
the IV (Implied Volatility) has shot up by 70-80% in a single day, suggesting
markets are going to be extra volatile in coming days, advisable to trade with
strict stop losses on either side...
Cheers....
No comments:
Post a Comment