Nifty took support around 15900 zone last week and from there rallied towards 16600-16690 zone.
Bulls exhausted at current levels and Bears can strike any time soon.
Traders must observe that this is not a regular rally, in my view, this is part of bear market rally which has short life span.
In Bear market rallies comes fast and fizzle out faster.
As per Elliottwave perspective, next level of correction coming soon which can break recent support 15700 and head lower.
avoid fresh long positions, its time to book profits wherever possible and stay lite.
invest only 30-40% portfolio and remain in cash.
Macro economic fundamental data can dominate markets for time being which is negative.
regards,
Suryadev Bandari
Research Analyst
Comments
Post a Comment