Nifty 50 IndexUpdated NIFTY - How big will the correction be?
Firstly, in my opinion the Nifty may not crash like the way we saw in March because on the monthly frame I see an inverse Head and Shoulder pattern which is a continuation pattern of the trend.
So basically I don't see a nose dive ,rather a side ways consolidation for a few days/weeks.
Now talking about supports the initial cushion should be around 13265, 13195 and 13026.
If all of them break then we are into a bearish zone and may see further fall.
- Hold on to quality fundamentally good stocks.
- Panic early in the low quality stocks which were taken purely on technical basis as their patterns no longer hold good.
- Sit on cash and wait for your entry in quality stocks with good patterns.
So basically I don't see a nose dive ,rather a side ways consolidation for a few days/weeks.
Now talking about supports the initial cushion should be around 13265, 13195 and 13026.
If all of them break then we are into a bearish zone and may see further fall.
- Hold on to quality fundamentally good stocks.
- Panic early in the low quality stocks which were taken purely on technical basis as their patterns no longer hold good.
- Sit on cash and wait for your entry in quality stocks with good patterns.
Note
Took support and reversed as anticipated. It could move sideways for a few days.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.