Nifty came Crashing from Mount 10,100 –
The profit booking as expected initiated the the down turn ,followed by the news of 331 shell companies being given notice by SEBI ( makes no sense )
but the last blow – The tensions between US and Korea made the index come down HARD at the 9700! Which further makes no sense unless we are at war
We see a Grave stone Doji on daily time frame on the shows sign of the Index resting ; If conditions worse we may see the index fall to 9500 levels.
The quarterly results have also added to the fuel for fall.
All and all a great time t go for NIFTY superstar- the blue-chips (Like SBI , ITC or Sun Pharma) as such corrections are truly Markets Flash Sales.
For short term cautiousness is required ; Option strategies with short calls or back spreads will do the trick 😉
EMA 20 & 50 Stay wide apart STILL indicating bullishness – (a cross of price below 20 EMA may trigger Short term bear market)
Bullish Target Come Resistance
Bearish target Come Support