Nifty index has broken all immediate supports, but somehow managed to stay at 24000 level. Market is in downtrend and investors, traders are carefully watching that what could be the next move, will it go further deeper or will it bounce back from a certain level?
Will it be going to crash or it’s just a major correction?
Let’s try to find out:
Nifty have recently achieved the pinnacle, a level beyond 25000, but since then Nifty is in downtrend, implicating that I have achieved 25000 now I am free to fall and can take some rest as I have been rising since a long time, I am tired.
So investors are scared, confused and are In indecisive mode.
But if I pay a close attention to the whole ecosystem, then I can reach to the conclusion that Nifty is neither tired nor going further much deeper.
Though the sellers are in control, I am not saying bears but sellers, as this correction was a long awaited. Nifty has not yet corrected enough and stayed at an important level of 24000, what does it mean?, it means that retailers are scared, but not susceptible, it has been notices that retailers find every decline, correction, downturn and investment opportunity, so how they can miss this big correction.
I analyzed and was supposing that Nifty may take a support at 24000 and Bank Nifty at 49700, and both the index have found their support at those levels.
So to my mind and keeping other indicators in my mind, Nifty may see a further low but not far from 24000 level and same in case of Bank Nifty as well.
You may wait for more discounted opportunities, book your profits and be ready to buy but don’t wait for further deeper fall, any minor correction from here will be an opportunity in your hands.
Note: It’s not an investment advise apply your research and knowledge before making any buy, sell or hold decision.
