Nifty.23300 on the cards??

11월 12일

Nifty closed right at an important support.

Now the likelihood of Nifty pulling back to 200 DMA( around 23550 range) and 23300 level is high. 23300 region have a trendline support as well, if we did not get any reversal from there and the trendline is broken then possibility of Nifty going to 21800 will increase.

As of now, no point in attempting to find reversal. No point in assuming levels. We could very well get a reversal from current level or a pull back to 200 DMA. No telling right now. Wait and watch market. Take it day by day, bits by bits Do not assume it will hit 21800-21k 20k 18K.

-Stocks trading below 200 DMA is roughly 50 %
-Stocks trading below 50 DMA is close to 80%
-Most of the stocks exhibiting LH-LL
-Majority sectors forming LH-LL.

We need a solid confirmation before attempting any reversal trades.

This is just my view, please do not make a decision without consulting your financial advisor.