Nifty View: Significant fall for the Indian equity markets in today's session, the benchmark Nifty index loses more than 500 points to post a close at 16,809. The short-term trend of the index is now down again, and considering the momentum with which the index corrected today, it is very likely that the selling will extend further this week. Today's close across most of the sectoral indices and most of the large-cap stocks were pretty weak, near the lowest point of the day, and so it will be prudent to wait out a few days for the selling to slow down and then try to attempt any long trades, if at all.
Thank you for following my work and please feel free to share your thoughts and suggestions.
excellent commentary.. i quite liked it.. but couple of points.. my counts say last leg e started in dec 16410 and for faster retracement it has to retrace it in the next 3 days which would be bearish.. lets watch.. you were talking strong weekly structure. i agree.. but a close below 16980 this week.. the structure would generate lower top lower bottom on closing basis.. thanks .. cheers
Abhijit_Paul
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@Parasuram, thanks for sharing your views ... now lets see what happens today