Bank Nifty Long Setup
Bank Nifty at critical support (52 week low level) and Fibo 78.5%. RSI in oversold territory.
Negatives:
Bearish biased market conditions
Russia-Ukraine crisis
Current Market Price far below 200 day MA
Positives:
High chances of Russian invasion coming to an end
Oil prices could plunge with more supply.
Already oversold market.
Markets could recover more than 10% in next 3-4 months time.
Low Risk Traders: Wait before investing
Moderate Risk Traders: Buy in low quantities with enough capital to buy on dip
High Risk Traders: Buy now and hold for 3-4 months.
Comments always welcome. Thanks
Negatives:
Bearish biased market conditions
Russia-Ukraine crisis
Current Market Price far below 200 day MA
Positives:
High chances of Russian invasion coming to an end
Oil prices could plunge with more supply.
Already oversold market.
Markets could recover more than 10% in next 3-4 months time.
Low Risk Traders: Wait before investing
Moderate Risk Traders: Buy in low quantities with enough capital to buy on dip
High Risk Traders: Buy now and hold for 3-4 months.
Comments always welcome. Thanks
Note
If the market opens gap down(which is likely to happen), look for next support at 32100-32200 range. Conditions favoring bears but bull could take the drivers seat anywhere in the next 3-4 days.
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