Closing price 8468
Chart explains our view...
Important Resistance 9300 / 9680 / 10240 odd levels
Support levels for Nifty 7922 / 6850 / 5820
The view is for the next year and a half...
- Don't think so it is time to do bottom fishing...
- This doesn't look like a market which is going to start a bull market soon
- any rise especially towards 9680-10200, may be considered as good opportunity to exit from long positions.
- being a long term investor is fine but being a compulsive long term investor is not...
- There could be a lot more pain left
- Economy could be heading into recession
- in that case the red zone ( 9950 - 10450 ) may act as and
- yellow zone (5650-6150) may act as
If things get worse,
- even sub 5000 levels - 4680 cannot be ruled out
(We got the Nifty top spot on, and in our last one we suggested, below 9300 Nifty will re-test 8500 levels again which it just did, but we hope we are wrong on this one especially the last part...)
Take care & safe investing...!!!
Trading is not about buying selling buying selling from 9:15am to 3:30pm. It is about doing ur homework, doing research, ur wstudy and planning ur trade.
Learning Technical Analysis can help u plan ur trade well in advance and be ready and confident in ur action when those levels come.
Those who initiated long positions around support levels of 7900 odd levels, have a good 400 points in the kitty...
Consider booking profits as per ur risk appetite and follow proper risk management.
For any personal stock query u can write in the comment below or msg me. I will try and answer ur queries at the earliest.
Take care and happy trading....!!!
All the best
This is how the chart looks like.
Going forward, as long as 355 / 352 level is held BPCL has a better probability to re-test 200 day EMA. However if 352-355 zone is taken out, it may fall up to green line.
393 is 200 EMA ( Exp. Moving Avg) & that is where we expected to see resistance. U can search & check out my BPCL thread for more details.
On a slightly longer time chart
if BPCL manages to conquer 200 day EMA, then 420/430 can be the target.
(I have set my alerts @ 336 on lower side - Time frame some where 10-15 July if BPCL comes around green line, that might interest me to consider long.
On the upper side 418 - 433 levels where I would be looking actively)
That's my view & levels.
This is my current view...
Till the till nifty is above 9500 odd levels i would not be thinking of 8000 levels.