Market Trend :
OUR 100% target achieved one day (Nifty once break 26100 –non stop 1000 points wipe out )
Strong Resistance – 11300-11350 as long as below, down side open towards 10750-10000
Now Time to Pull back and
Market Out Look :
Crash –Crash-Crash. On Monday major sell off seen in market due to some NBFC companies failed to make a payment in market resulted broad based selling seen over all and major hammering seen in 30 minutes chart. Over all 480 points swing on intra day alone i.e. 11346 to 10866 and almost 5.6 lacs crore wealth wipe out in market. In Bank Nifty also roller coaster seen and almost 1500 poins volatile in market. Now time to avoid any long and likely some pull back but good opportunity to exit long and fresh short side. We are expecting on Monday more sell off can not be ruled due to RMS and margin call.
On the other hand panic selling on some time can be a good opportunity of buying side I long term such as Yes Bank, DHFL, I Bul Housing, LIC Housing. Because fear always selling and once fear will be subsidies buying start. In this fall Housing Finance Companies and OMC are available at a good price for long term purposes.
Nifty Spot :
On Friday over all crash in market and week to week basis Nifty loss more than 372 points. However, on Friday Hammering in market strong pull back also seen and we may consider time being short term bottom have been established which is a Firday low 10866 and 10750 whereas 200 DMA are established. We expected that market likely pull back with volatile nature. Higher level major supply zone 11300-11350 watch out.
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