Nifty view :
Nifty
closed at 7446.55. 400 points rise in Nifty in 14 trading days & 600 points
wiped off in just 9 days. Too fast. Eventually it may make another panic bottom around 7300, since the selling is overdone, and market is in an oversold zone, we may see an interim bottom making process with a
small bounce soon. In case Nifty does not stop at around 7300, the next support
is at 7000, but rallies expected really very soon and let’s hope it will sustain
BankNifty :
BankNifty
closed at 15,204.30. BankNifty is weaker
than Nifty. Unlike Nifty, it has another two major supports at 14,750 &
14,400. It has to bounce WELL BEFORE these levels are tested, but incase
these levels are tested and not sustained, the next level is 1000 points away,
down of course. Let’s hope, it bounces soon as we expect.
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