nifty's rections off RBI policy and since then is symptomatic of a triangular formation and failure in e leg, something which can take the best offguard . thats what the mkt did .and hence there has been massive unwinding since then, clearly indicative of wrong directional bets and positions.
i have always felt that index is bound to make a new low below 5200.
hence the nifty should now move to 5355-5328 intially.if correct the low made should end a corrective pattern and next few months after that should be positive for the index,even if it is an intervening x wave.
as on date there is a possibility of nifty moving to 4800 or so levels with min tgt of 5170.
ReplyDeleteThe failed triangle you mention is starting from when? If this is the larger triangle starting from May 2010 then we could go much lower !?
ReplyDeleterecent june 11
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