Nifty Correction continues
I had mentioned in my previous update that Nifty Index had breached the uptrend support line and is due for a correction. The index is in free fall and has taken support in the 4680 - 4720 region. A bounce can take place here as the index is oversold in the short term. Markets are not seeing short covering also and hence corrections to the fall are intraday and infrequent. A major correction can take the index down to the levels show in the chart.
posted by Hemanshu Pandey @ 10/31/2009 01:18:00 AM
2 Comments
2 Comments:
Do you see a correction in Nifty in Jan?
Nifty is defying all odds and gravity if I may odd and entering bubble territory. As of now fundamentals of the stock markets are not even being discussed and only technical levels are talked about. Whether Nifty turns in Jan or Feb is a moot point as one should be ready to reverse positions accordingly. As of today i hold long positions in power sector stocks and no short positions.
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