An extremely quick and brief update from the rainy beaches of Goa.....
It was an extremely volatile week that ended with a very big fundamental news for the oil and gas sector in India. The stocks from this sector will definitely be re-rated.
However, Nifty has given a bearish pattern for the weekly chart and any dip lower than the low last week (5259.9) will trigger this pattern, and the immediate supports are near 5245 and 5205. However, in my opinion, a dip to even 5160 - 80 will be healthy for another and probably a final attempt to cross 5400 on way to 5545. So, any dip this week can be an opportunity to buy as low as possible, with a stop loss below 5150.
A dip below 5150 - will most probably signal curtains to the bull run opening up targets difficult to believe right now - so, let us wait and see whether and where Nifty takes support.
2 comments:
thanks! enjoy 'long island iced tea' while you are on the beach :-)
rainbow
good analysis , was worth reading though read a little late, shared the same view
kepp it up and running
bala
Post a Comment