Nifty Stance Neutral ➡️
It is too early to go short, but the US markets have already reversed and the news coming in is pretty bleak. Reports suggest the legend WB has unloaded 50% shares of Apple & has a cash balance of $277 billion - source.
We only fell 160pts ~ 0.64% this week and this is after hitting the prestigious milestone of 25000. The new ATH is 25078.
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Friday's price action was pretty intense, we dropped 293pts ~ 1.17% and closed at the low point of the day. Just for comparison, Japanese markets fell 5.83%. One thing is obvious, Indian markets are showing extreme resilience compared with global peers.
SPX fell -1.84%, NDQ -2.38%, and guess what our Gifty is still hovering around the same levels as the spot. I am not quite sure if we will have a Black Monday or not, but if we break 24600 levels, it is shorting time.
Even if you agree with me or not, Nifty has really run up a lot, much more than rational expectations. Even if we correct 20% we may not enter a bear market!
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