Hi All,
As posted earlier, Nifty failed to cross 10620-10750 levels (38.2 and 50% retracement of the recent fall), and is currently down by more than 1.5% near 10400. Unfortunately though, due to the gap down opening many would not have been short on the higher side.
After a steep fall, Nifty might see an intraday bounce on the up side however, it may not be safe to trade it. For intraday supports will be near 10370-10340-10310-10270, however it is not advisable to go long currently without any material bullish evidence. Intraday resistance will be near 10480-10500-10530 levels...
Going forward, for short term 10270 will now be very crucial and breaking that Nifty might slip to 10000-10100 levels which is a psychological support zone... Below that the gates for 9800-9600 are opened for Nifty.
So, the Indian Stock SALE got cheaper as promised earlier, and it might even get more . . . Long term investors are advised to accumulate quality stocks / MF / ETFs (Please Read - Wealth Creation with Stocks - Possible?) worth 25-30% of their investable corpus... so that remaining money can be pumped in when markets go down further.
Cheers ! ! !
As posted earlier, Nifty failed to cross 10620-10750 levels (38.2 and 50% retracement of the recent fall), and is currently down by more than 1.5% near 10400. Unfortunately though, due to the gap down opening many would not have been short on the higher side.
After a steep fall, Nifty might see an intraday bounce on the up side however, it may not be safe to trade it. For intraday supports will be near 10370-10340-10310-10270, however it is not advisable to go long currently without any material bullish evidence. Intraday resistance will be near 10480-10500-10530 levels...
Going forward, for short term 10270 will now be very crucial and breaking that Nifty might slip to 10000-10100 levels which is a psychological support zone... Below that the gates for 9800-9600 are opened for Nifty.
So, the Indian Stock SALE got cheaper as promised earlier, and it might even get more . . . Long term investors are advised to accumulate quality stocks / MF / ETFs (Please Read - Wealth Creation with Stocks - Possible?) worth 25-30% of their investable corpus... so that remaining money can be pumped in when markets go down further.
Cheers ! ! !
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