If you have followed my last 2 views of Nifty50, you would be smiling definitely only if you didn't have any swings open.
We have seen a good correction in market since September 2024.
It was much needed in market since 2022 , we have seen an extended move in Indian markets.
I know mid and smallcaps have corrected more than 20% but they were bound for it because of overvaluation. We are in a slowdown phase of economy and earnings of those company wont match expectations.
Coming back to Nifty50, is the correction over?
IAnswe is cant be sure but 1 thing is definite, 21800-22000 will act as strong demand zone as we have seen a quick 600 points jump from 22000.
However, I will suggest to wait for confirmation for any new swings.
What next?
Nifty might be retesting 22800 breakdown. It can fall again towards 21800 and if it breaks 21800 which looks very less probable, 21000-21200 is a very very strong demand zone which should be the last zone for correction.
If Nifty manages to jump from 22000, it will be formation of W pattern(double bottom) which will be a sign of reversal. That's when you can start accumulating.
Expecting March to be sideways to bearish again. We might see a selling due to people booking losses for tax harvesting.
If 21800-22000 holds in March, we can see buying in April which will take it to 23900.
Be patient. Start analyzing stocks for accumulating. Stay healthy and wealthy!
We have seen a good correction in market since September 2024.
It was much needed in market since 2022 , we have seen an extended move in Indian markets.
I know mid and smallcaps have corrected more than 20% but they were bound for it because of overvaluation. We are in a slowdown phase of economy and earnings of those company wont match expectations.
Coming back to Nifty50, is the correction over?
IAnswe is cant be sure but 1 thing is definite, 21800-22000 will act as strong demand zone as we have seen a quick 600 points jump from 22000.
However, I will suggest to wait for confirmation for any new swings.
What next?
Nifty might be retesting 22800 breakdown. It can fall again towards 21800 and if it breaks 21800 which looks very less probable, 21000-21200 is a very very strong demand zone which should be the last zone for correction.
If Nifty manages to jump from 22000, it will be formation of W pattern(double bottom) which will be a sign of reversal. That's when you can start accumulating.
Expecting March to be sideways to bearish again. We might see a selling due to people booking losses for tax harvesting.
If 21800-22000 holds in March, we can see buying in April which will take it to 23900.
Be patient. Start analyzing stocks for accumulating. Stay healthy and wealthy!
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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.
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.