Nifty has dropped around 300 points from the top but it has led to a sudden change in the stance from analysts, investors and so on.
But markets dont move in line of consensus but the other way round.
So sentimentally let us wait for 7300/7000/6400 targets to come from people.
This is the technical chart.
-> In a 300-350 point channel.
-> Upside breakout was a failure. Can downside also be a failure.
-> The downside risk in case of a sharp fall below 7800 is 7450-7550 which we will keep aside till there is confirmation.
-> If we keep holding 7800-7850 its time for some time wise correction between 7800-8200. This is my preferred scenario.
Strategy :
Traders need to be careful as there can be a lot of whipsaws, failed breakouts. Reduce no of trades and leverage.
Investors get ready as stocks have already knocked of 15-20% from the recent highs. The bad ones have gone down by 50%. You can make your choice. I will go with the quality ones and avoid the jps, unitechs.
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