Nifty: Hot knife through Butter

A complete “U” turn from the benchmark Nifty50 as it fell close to 2.5% in today’s session. No respect for the immediate support of (11,780-11,800) as the index cuts through and retraces gains of past six trading sessions. Thanks to this sharp sell-off one aspect is now confirmed - our rising channel has yet again proven itself as a strong source of resistance.

Considering the underlying momentum with which the index sold-off today further slide towards (11,570-11,620) is very much a possibility now. As I was saying yesterday - keep your seat belts fastened as we head for some volatility.

Trade Well. Trade Wise.