Nifty at a very crucial support zone & very strong chances are there for strong bounce back in coming week. Nifty may attain a target of 9400-9500 before going in any further corrective retracement mode. In worst case scenario it may test the neck line at 8250, if that happens then that will be a golden opportunity to invest in good quality stocks.
Day traders may ignore comments, but for medium and long term investors its an early watch.
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This fall in nifty is just a tip of iceberg. Levels to see in coming month or by mid of Nov are 10500, 10000 & 9900. Sell Nifty on every rise till 10000. Buying may emerge only after it tests 10000 on closing basis.
Any long trade in bounce backs should be squared off with whatever profits available. Keep tight stop loss for all long positions.
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pawan613
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So, its a really strong bounce by nifty led by short covering & fresh buying after 8650 levels. Hold your seat belts till 8760. If nifty closes above that then we will see a rally up to 8900.