Nifty
Closing price 8468
Chart explains our view...
Important Resistance 9300 / 9680 / 10240 odd levels
Support levels for Nifty 7922 / 6850 / 5820
The view is for the next year and a half...
- Don't think so it is time to do bottom fishing...
- This doesn't look like a market which is going to start a bull market soon
- any rise especially towards 9680-10200, may be considered as good opportunity to exit from long positions.
- being a long term investor is fine but being a compulsive long term investor is not...
- There could be a lot more pain left
- Economy could be heading into recession
- in that case the red zone ( 9950 - 10450 ) may act as resistance zone and
- yellow zone (5650-6150) may act as support zone
If things get worse,
- even sub 5000 levels - 4680 cannot be ruled out
(We got the Nifty top spot on, and in our last one we suggested, below 9300 Nifty will re-test 8500 levels again which it just did, but we hope we are wrong on this one especially the last part...)
Take care & safe investing...!!!