The Nifty 50 index has corrected almost 6.5% from it's all time high and it has reached a level of 17600.
It also tried to break the 200 EMA on the daily chart.
The most recent fall of 600 points in three trading days was majorly due to negative news in the market.
We may see a fast recovery in the coming days if there is a positive news or due to the budget.
But if the negative sentiment continues then we may see a further fall till the level of 16,800 which is a swing low. If that support is broken with volumes, then the index may continue the downtrend till 15,200
which is a major support and the level from where the index started it's rally towards it's all time high.
If any of the two levels are hit, it is a very good opportunity for long term investors to buy ETF's or Index
mutual funds as they will be trading at a discount.
Some fundamentally strong stocks may have also corrected considerably which a good opportunity for investors who prefer individual stock picking.
If you got some value out of this pls consider following
It also tried to break the 200 EMA on the daily chart.
The most recent fall of 600 points in three trading days was majorly due to negative news in the market.
We may see a fast recovery in the coming days if there is a positive news or due to the budget.
But if the negative sentiment continues then we may see a further fall till the level of 16,800 which is a swing low. If that support is broken with volumes, then the index may continue the downtrend till 15,200
which is a major support and the level from where the index started it's rally towards it's all time high.
If any of the two levels are hit, it is a very good opportunity for long term investors to buy ETF's or Index
mutual funds as they will be trading at a discount.
Some fundamentally strong stocks may have also corrected considerably which a good opportunity for investors who prefer individual stock picking.
If you got some value out of this pls consider following