Nifty Update

Nifty Breaks its Last Support

Nifty has moved down decisively below its last support at 5300. The count has changed. Markets may not see 5900 for a long long time to come now. We will wait for an adequate bounce to short into the markets.

This is no longer a market to buy into. Markets have geared itself to make new lows. The way all blue chip stocks have been beaten down with high volumes suggests that we are already in a bear market.

Brace yourselves. We are in for a speedy ride down!!!

Nifty Update

BUY NIFTY

Nifty has broken its support of 5400 triggering our stop loss.

Though nifty has broken the 61.8% retracement levels of 5400 (which is not a very heartening sign), there is still some hope for the bulls. The last frontier for nifty remains at 5300. Any close below that level will really trigger some major selling and then we will be forced to induce a change in our counts.

Those holding longs can continue to do so with the sl at 5300 or one may re-initiate a buy here with the same sl.

My bias still remains positive even though i may be the only one left so. Last support is 5300.