Although this is not confirmed yet that we are heading to a bottom and from there we will see a bounce back,but the heavyweights could be making a last bottom in this intermediate correction and then a bounce back is quite possible.
The problem here is will the stocks obey the last lows of the previous heavy correction in end of Jan 08? Nifty nearly made a low of 4400, we might see nifty touching 4600-4800 but 4400 could be obeyed and a good bounce back to 5500-5600 levels could be seen, provided 5300 level is broken on the upside with good volumes, which nifty couldnt do it on Monday.
Another possibility which cannot be ruled out is the pattern of DOW JONES index, which is also making a bottoming formation and could be on the verge of an intermediate bottom and ready for a good bounce back, but these levels and times are the ones which are very dangerous as if a new low is made in DOW jones and Nifty then we are heading further southwards.
I am tracking Reliance closely and i see it hitting 2200-2300 range soon.
This week will be the highest volatile week.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment