indiamarketoutlook
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Nifty: Is this gonna be much bigger correction...???

NSE:NIFTY   Nifty 50 Index
Nifty             CMP 9793

Is the market readying itself to test 200 day EMA
Comment: nifty update cmp 9880

we have got a bounce and it opened right at 9860 levels
we have not observed any price rejection so far
as mentioned in the comment below selling should be considered only we see price rejection and confirmation will come if nifty goes below 9830
Yes, it making set up to test the same.
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@narensavi101, fingers crossed...
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still 20 EMA IS ABOVE 50 EMA.
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@AMBRISH, yes the cross over has not happened yet
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Correction already happened! Today's fall was news based! September series will be Strongly Bullish!
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@GauravPatil,

This is the 3rd attempt at 50 day ema and we observe the magnitude of pullbacks from support level, getting weaker...

If we see price rejection on any jump towards 9840-9860 that could confirm continuation of down trend.


Nifty might signal bullishness above 9865 though...

Regards & best wishes

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GauravPatil indiamarketoutlook
@indiamarketoutlook, Thank You for the Best wishes, I wish you the Same!

There will be minor corrections almost every month, but I don't see any major correction till nifty reaches 10800! Once it touches 10800, then we will see a major correction of around 2000 points downfall! But, for now I believe we are safe unless there is any major War related announcements! If their was no "missile launch" news today by North Korea, then we could have reached around 10000 today itself!

Lets hope for the best! Either way we can make money both ways ;) I am ready to short anytime!!

Regards
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SaahilHingorani GauravPatil
@GauravPatil, I hope you will appreciate that the fall didn't happen because of a Missile test alone. Yesterday close was a Doji and the candlestick on 15 minute chart around 9925 was a classic reversal pattern. If the reason could have been Missile only, we would have recovered by day's close. Nikkei and Hangseng were down by 0.7% only.

This just my view and i'm a layman
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GauravPatil SaahilHingorani
@SaahilHingorani, I understand that the NIFTY was at the resistance with a DOJI, but the market is rangebound, so the candlestick patterns will not make much difference at the rangebound market! Right now it's all about support and resistance, because the uptrend is halted due to minor corrections! The FII's are taking long positions and short positions every alternative days! Once we close above 9960 and 10000 the trend will become clear! In rangebound market trading becomes gambling!
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@GauravPatil,
Cheers mate for getting it right on the money....!!!
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