A trendline breakdown, at 5175, followed by immense selling pressure gave way to a free fall in Nifty Fut today. Shedding a good 135 points from its days high of 5207 in a single trade session... it seemed like another 21/1/2008 was in the making. What co-incidence !!!!
After such a free fall, usually we witness a short covering or consolidation, but considering that the heavy weights have also given a trendline breakdown with heavy volumes, bank nifty ripe to witness a further fall, it wouldnt be surprising if we witness another sharp fall in the coming session.
In a single stroke, or smaller multiple strikes, it seems like the next tgt to watch out for is 4990. Lets see how the picture is painted...
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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