- As you can see in the above chart nifty was taking support around 20 month average from past 6 months,but now it's on serious edge
- If weakness continues like this this month we will close below this level.
- As long as it trades below 5445 mark it has more probability to break May month low 5328
- These are important levels on closing basis as 100 week average also placed around 5340 levels.
- As mentioned before Index trading and consolidating between 50 & 100 week averages,Now it's on test.
- Only bullish momentum comes back above 5620 level.Till then all bets are off on long side.
- My clients are holding positional shorts in Nifty,Bank nifty and in Major stocks
- From past few expiry's 5400 level offering a major support.If we get a weekly close below this level then we have a serious problem on downside
- RBI credit policy expected to be raise 25bps,but personally i am expecting another 50bps that means a 3% cut on bourses.If it's only 25 bps or none then also rallies will get sold in to.
- Gather your money long term investors
Cheers & Best to your trading
