dhami2836

Wait for confirmation before jumping!!

Education
NSE:NIFTY   Nifty 50 Index
>wait for march month closing as it is very important for trend confirmation.
> anything below 9100 on closing would be negative.
>there is one crucial level is 10250-10300(50 month EMA ) which act as strong resistance and monthly close above needed for ending downtrend.
(reason: two bull run (2009 to 2015) and (2015 to 2018) respective retracement is there)
>downside first support would be 9600-9650 and then after 8900-9100/8500/7400-7600 in worst case 6300-6500(top of 2007-2008)
>market will test again 8900-9100 as per my view as corona risk is still in india and other nation.

My observations:
>we have touched red line RSI only twice in history in(2000~ around 50%fall from top) and (2008~ around 50-60%fall from top)
>25-30% correction arrested near blue RSI line in past.
> there was long tail month candle near end of trend so we have multiple sign of bottoming but it must close above 9100
>next PANIC will create again below 8900 and 8550 and it will be lower circuit again because there is no level in between.
> Cash is king so keep your pockets full for shopping.

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