There's a head and shoulders pattern ongoing, Fii's keep pumping and Dii's are net sellers for more than a month now, the day this process stops its a free fall could be due to a failed stimulus in the usa or another covid wave or even the vaccines failing as the efficacy of these current vaccines ain't really something to write home about . Better to wait for a trend to form before going long . If youre still wanting to invest then pick good fundamental stocks that are yet to bounce back as another fall in the market aint gonna do them much harm.
There is a chance of FALL since the Midcap stocks are into the consideration for FII and DII, so all shuffle in the NIFTY50 is near, which can cause Head and Shoulder formation for the period before NIFTY bounce back not 100% chance. You are correct by technically but still the chances are there to reach the Nifty to cross the high to break the pattern. ANYTHING can happen in DEC2020. just my view
Stonksgang
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@satheesh5435 This can very well be just profit booking cause the over all sentiment is bullish for the long term and probably the stimulus will pass in a couple of month in the states, I don't see any reason why it'll break down below 12700-12600 even in worst case scenario, on the upside if the levels of 13035-13050 breaks then it's a nice bet to go long, would have a minor struggle crossing 13100 levels but after that the potential is who know 13500 or even more
satheesh5435
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@Stonksgang, There is a high breaking sale in thanksgiving day 5.1B ever, which induce the market in India where as most of the exports from India may help to reach the 13140 already, It is not very far. We will reach and break the resistance in coming week which is clearly seen in FII involvement and record breaking high investment in Nov it continue further more in Dec. What we can do is wait and watch the market. My opinion market is in Up move.
satnamea
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I want to lean the technical analysis where good source,
8058697202
Stonksgang
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@satnamea Google and YouTube are your best friends