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
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
SaahilHingorani
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@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
GauravPatil
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@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!
indiamarketoutlook
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@GauravPatil,
Cheers mate for getting it right on the money....!!!