NIFTY – Small bounce may come but that will also not able to save fall.
Today’s view –
It has broken 5183 yesterday and tested a low of 5180.35. At the very same time Sensex has saved 17008 levels. It might have happened due to Infosys. I still feel that near to expiry we will see volatility. Charts are strongly suggesting that even small intraday rebound (Magnitude up to 5241 or 5259 or 5278) may not able to save fall in coming days.
We have countable 11 wave formation till now on above daily charts. Can we expect the formation of more such ranging wave? Well, it may create as big as 13 waves. Let us see.
My conclusion remains same but I am making few adjustments for today. Supports must be in the zone of 5180 to 5170. Break below 5170 will add panic towards 5135.
Am I completely bearish?
No, as we are in the ranging market of 150 points so as long as this range sustain we cannot take direction. If that’s true then we might be at the lower end of range.
So over all, trade short only on decisive breakdown. Sooner of later that has to come. There is no running away.
If needed I will release intraday update too.
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Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
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