Today, was a celebration for bears. Spot Nifty tanked a 100 pts. to make a low of 4968, almost 80 pts. below yesterdays low. It was a continuous trend, well predicted, expected and accepted too, thus, I could see no tug of war between the bears and the bulls. It seemed like bulls took the lost battle in their stride and paved way for bears to enjoy their glorious win !!
The close at 4988 did not leave any room for optimism for tomorrow as well. But yet, why do I have a feeling that my friends, the bears are now tired of carrying their shorts further and are thinking of booking their profits, to make way for the bulls to rule the scenario ....
The maximum down side that I can see from here is another 50 pts. i.e. approx. 4920, from where I believe Nifty will bounce back to 5300 levels in the coming trading sessions.
Confessing candidly, I have no technical reason to support what I say and believe, apart from the fact that spot nifty is trading very close to the 20 EMA, from where it may find some support.
I rest my views here ... Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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