Nifty is at a crucial level.
On the left we are looking a the 50 monthly EMA in white where nifty made a low on Monday. In the past (2016) nifty used this EMA to bounce and recover a huge amount of its loss. The 50 EMA bounce may recover 1000 points on the nifty in the next 30-60 days.
On the right we have the 100 monthly EMA in yellow. This was the EMA that supported the 2007-2008 down move. The EMA is at 8900 which is 1500 points lower than CMP. The market looks very negative and all sectors globally look like they are bearish.
With fears around COVID-19, Oil wars and increasing risk averse nature in lending, I would be more inclined to believe the chart on the right looking at the global situation of the world.
On the left we are looking a the 50 monthly EMA in white where nifty made a low on Monday. In the past (2016) nifty used this EMA to bounce and recover a huge amount of its loss. The 50 EMA bounce may recover 1000 points on the nifty in the next 30-60 days.
On the right we have the 100 monthly EMA in yellow. This was the EMA that supported the 2007-2008 down move. The EMA is at 8900 which is 1500 points lower than CMP. The market looks very negative and all sectors globally look like they are bearish.
With fears around COVID-19, Oil wars and increasing risk averse nature in lending, I would be more inclined to believe the chart on the right looking at the global situation of the world.
Comment:
These are my personal views and not a recommendation.
