Will Nifty bounceback after 6% Correction?

By | November 17, 2010 5:22 pm

Nifty Daily Chart

Nifty after giving the much awaited correction of 6% which took everyone by surprise  when all were excepting a new life time high on NIfty. Well now much awaited correction has come and i would request you all to use this oppurtunity to buy nifty 50 scripts like tata motors,tata steel,SBI. Deploy 30% of your cash at this levels.

We are oversold on Daily charts and if 5930-60 range is held there will be a sharp reversal and we will see Nifty at new highs in a jiffy.

China rate decison will come by FRIDAY AND do not be suprised to see an upmoce in wolrd indices from thereon.

I have drawn the Fibo retacement for Nifty from low of 5932 to high of 6332,

Buy around 5930-5960 range tgt 6035,6088 and 6135.

FII has sold just 196 cores on Tuesday and Futures they were net buyers.Do not get trapped on short side,Risk to reward ratio is good to take a long.

Category: Nifty Technical Analysis

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

2 thoughts on “Will Nifty bounceback after 6% Correction?

  1. IFRS

    Nifty still continues to fall and is currently trading at 5950. Can I invest at these levels for Long Term for a Buy and Hold Strategy


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