ravi1967 said:
dear amitbai, is this a pullback rally?. mr.ramesh damani in moneycontrol chat today, says that only 50% of the correction has come and more is yet to come. an elliot wave chart published by chartalert.com says that it may dip up to 2860 before any major up move set in.
your nifty levels are really great
bye
Hi Ravithat comment from the expert sounds stretched as we stand today.
It can go either way and we have to take it one day at a time.
The Nifty is in a critical state at this point, propped up thanks to life saving support systems.
It would remain in the Intensive Care ward for an uncertain period of time.
Any signs of improvement at this point should be seen only as a transient symptom.
And so then, cut all attachments to it at every rise. Till clarity emerges, this is the only way to go, so be very guarded, else stand aside.
Its a long way from recovery yet.
The dog eat dog has been very fierce like never before.
On the one day at a time basis the Nifty closed strong close to the days high.
Some warming up was quite visible yesterday.
It should certainly be seeking higher levels today, but expect extreme volatility at every sharp move in either direction, till the contracts expire and new price discovery takes place.
For the levels, the support line is
3197-3194-3191-3188-3185-3182-3179-3176-3173.
3169 is crucial.
Then
3165-3161-3157-3153-3149-3145-3141.
3136 is critical.
To the up the first line is
3207-3214-3221-3225.
Then
3229-3233-3237-3241-3245-3249-3253.
Will revise again.