Nifty in a downward spiral

NSE:NIFTY   Nifty 50 Index
In my last post I was expecting a quick 1000 point move either way. The market shocked me today with a 800+ move in a single trading session. I was expecting it over 5-7 sessions.

My previous price reading was a support at 8900 levels. Market closed at 9600 today.

As of right now SGX nifty is trading at 8700 !!!
Which means that my level of 8900 does not hold against this market selloff.

I have drawn levels on the chart each is a monthly EMA 100,150 and 200 respectively.

The levels of 8700 , 7700 and 6700 are the levels that I will be looking at for any support, all levels between these are not strong enough to base any trades off.

Hope this is helpful.

(These are my views and not recommendations.)


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