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Nifty down 100 points

Discussion in 'Technical Analysis' started by nirajshah, Sep 26, 2016.

  1. nirajshah

    nirajshah Champion

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    What's your view on Nifty after today's fall of 100 points.

    Do you see more correction ?

    How much more correction is expected?

    Where do we see a bottom being formed?

    Is this a technical correction or there is something more beyond it like a war with Pak ?

    Sent from my 504Q+ using DIY Technical Analysis mobile app
     
    nirajshah, Sep 26, 2016
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  2. mdsafdarimam

    mdsafdarimam Active Member

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    8700 (spot level) is very important on tuesday. if it holds then bounce can be seen & 8787 / 8806 level is possible. close below 8700 will drag nifty to levels 8650 & 8577. clearly bears are having upper hand. nifty is witnessing price and time correction. deep pain can be seen. sit and watch this correction. only experienced trader should take position. also expiry is near. give yourself break from trading. chill yourself as exciting october series is on the way. prepare yourself for it.
     
    mdsafdarimam, Sep 27, 2016
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  3. shabbir

    shabbir Administrator Staff Member

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    You have tons of questions and so let me answer them all one by one.

    Yes I do as well as hope for goodish bit of correction for the market because it has run up too much too fast and so don't see much upside from here in the short term and expect good correction for the uptrend to continue at a good pace.

    I hope 10% but does not feel that much is coming.

    I would prefer the bottom to be formed than to do the guess work. As @mdsafdarimam pointed out there are multiple supports.

    I see it as technical correction but you never know.
     
    shabbir, Sep 27, 2016
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