NIFTY from last week has been seen profit booking due to global turmoil from last 8 - 10 sessions.
The stocks are seeing the oversold levels and index too at current levels.
The move from 7724 - 8626 has been retraced 0.618, Which is around 8068 and next probably worst case scenario 0.764 retracement comes around 7942.
The crucial zone to watch out for NIFTY will be around 8060 on closing basis below 8060 next support would be 7940 - 7950.
Thus one can take a contra bet on Index around support levels with 30 - 40 points stop loss for targets of 8170/8278/8340+
Warning: This is just an educational view. Consult your personal financial adviser before committing any capital. Use strict stop losses.
The stocks are seeing the oversold levels and index too at current levels.
Daily Chart
The move from 7724 - 8626 has been retraced 0.618, Which is around 8068 and next probably worst case scenario 0.764 retracement comes around 7942.
The crucial zone to watch out for NIFTY will be around 8060 on closing basis below 8060 next support would be 7940 - 7950.
Thus one can take a contra bet on Index around support levels with 30 - 40 points stop loss for targets of 8170/8278/8340+
Warning: This is just an educational view. Consult your personal financial adviser before committing any capital. Use strict stop losses.
Raju V Angadi
Equity Research Analyst
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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets
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