First of all a frank admission.
Even though Nifty moved up to achieve the targets, it is more difficult now to predict the form of move since nifty started moving up from 2300 than it was easier in the previous waves.
If Nifty keeps moving the next imp stop is 3080-85 region and crossing it it comes to 3160-65 area. (3160 is the fathest I can see it going before a serious corerction sets in). If it goes more than 3160 please send some bricks to me. :-)
The stop loss for this bull case is 3020 and a deeper stop is 3000.
While the Nifty 50 and Sensex30 is moving up the other indexes which have a large num of stocks in them donot look equally strong. (this call for caution to longer term investor. I have sounded this alram since many days that the this and coming days should be used to offload stocks and not to accumulate) The Nifty500 index is much weak and can expect more dips in it.
bankindex on which i had posted a bear view rose and fell again very much in accordance with the image. (look here)
The days of stocks moving up and down in rhythm is gone past and now we have some stocks soaring while others sink. This is what happens in later stages of a mature market where only a few stocks make new highs while others keep falling.
For the -ve case NSE falling under 3000 would destory the +ve case and open up the gates to deeper correction.
Use this simple Inputs in ur trading. (as always there is not yes or no answer, we can only discus cases)
Have a view, do leave a comment.
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