So today bulls stood aside and watched the market fall. Nifty close is below 38.2% retracement level & 200 DMA. 5200 levels have always been a very good support for Nifty. Yesterday I have clearly mentioned that the Nifty close below 5150 is bad. But luckily to give the breather, Nifty bottomed out at 5110 and closed above at 5151.90.
Two of the Leading news paper, yesterday had an article stating that the markets are in a good trend and the uptrend will continue till 5500 levels. But to achieve the mentioned target, event the bulls need some rest. Identifying that intervals, really helps in minting money. Nifty is already down 200 points from the recent high of 5298.85 made on 02nd May and the low of 5110 which it made today.
Still there is some more steam left, don’t buy now, wait for the perfect indication. Yesterdays all indicators were for negative trend or temporary hault in the rally.
In my past blogs, I have mentioned that, in the correction IT stocks will do good. Same thing u might have seen today. Infosys which was down -2.5%, gave sudden pull back in the late hours and the close was above +2%. Smart recovery in all the IT stocks.
Tata stell close above 825 will continue the rally till 849-858.
Two of the Leading news paper, yesterday had an article stating that the markets are in a good trend and the uptrend will continue till 5500 levels. But to achieve the mentioned target, event the bulls need some rest. Identifying that intervals, really helps in minting money. Nifty is already down 200 points from the recent high of 5298.85 made on 02nd May and the low of 5110 which it made today.
Still there is some more steam left, don’t buy now, wait for the perfect indication. Yesterdays all indicators were for negative trend or temporary hault in the rally.
In my past blogs, I have mentioned that, in the correction IT stocks will do good. Same thing u might have seen today. Infosys which was down -2.5%, gave sudden pull back in the late hours and the close was above +2%. Smart recovery in all the IT stocks.
Tata stell close above 825 will continue the rally till 849-858.
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