If you have Already Burnt your Hands In the Current Fall its Time to be More Cautions As Nifty is very Crucial levels.
We have recently Seen a Very Steep Fall in Nifty which is Highlighted in the Above Image using the Steep Down trendline. We may See a good Bounce back If nifty Closes Above these Levels and the fall will continue as long as nifty keeps taking resistance at these levels.
Nifty has now reached a Demand level which acted as support previously and gave some bounce back but Considering the current scenario and the previous 2 reaction from demand zone we have to be a lil careful here. Safe Traders Can wait for the Steep Down trendline to Breakout whereas Risk Takers Can take a bet at Support levels with small Qtys. Our Stand- We are now Entering nifty at Current Support Levels with small Qtys and Continue Holding till Stop loss.
If Nifty Breaks the Support more down fall can be expected.
If Nifty Bounces back from Support the following sectors may lead rally
IT Sector
Pharma Sector
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