Nifty Financial Services showed resilience in the entire fall and led the way up in recovery as it had a 5 of 3 up (from March 23 lows) pending, which got done in Nifty and most other indices in Dec 2023.
Now it has completed that 4 and should lead on the way down. Expecting at least a 14% correction in index till 23150 (38.2% retracement). Next target will be 22020 (50% retracement).
My bet is on 50% retracement, as Bajaj Twins and HDFC Bank and ICICI Bank have completed a corrective bounce and should test/ break recent lows.
Bajaj Twins have much larger correction possibility. Will share in other posts.
Now it has completed that 4 and should lead on the way down. Expecting at least a 14% correction in index till 23150 (38.2% retracement). Next target will be 22020 (50% retracement).
My bet is on 50% retracement, as Bajaj Twins and HDFC Bank and ICICI Bank have completed a corrective bounce and should test/ break recent lows.
Bajaj Twins have much larger correction possibility. Will share in other posts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.