Nifty Update: Nifty at Panic Channel Lows, Bulls could protect it for a smart bounce...
Nifty:
Good Morning all...
If you were to draw a trend line connecting two panics for the year (the budget day panic low of 6825 and June 24th Brexit panic lows) it corresponds to today's low as of now (10:15 am). Bulls are not going to let their gains go off in a single shot, they will try to protect it and a smart bounce from these lows are not ruled out. While the medium term outlook remains firm for a correction of 10% - 15% as communicated last week, short term bounce towards 8900 is not ruled out. In fact, this correction is most likely to be enjoyed by Bulls rather than the Bears. Let's tune into the game of Bulls v/s. Bears.
Note: If Bulls fails to hold the panic trend line bottom, there comes a strong support zone of 8540 - 8570.
Good Morning all...
If you were to draw a trend line connecting two panics for the year (the budget day panic low of 6825 and June 24th Brexit panic lows) it corresponds to today's low as of now (10:15 am). Bulls are not going to let their gains go off in a single shot, they will try to protect it and a smart bounce from these lows are not ruled out. While the medium term outlook remains firm for a correction of 10% - 15% as communicated last week, short term bounce towards 8900 is not ruled out. In fact, this correction is most likely to be enjoyed by Bulls rather than the Bears. Let's tune into the game of Bulls v/s. Bears.
Note: If Bulls fails to hold the panic trend line bottom, there comes a strong support zone of 8540 - 8570.
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