Thought for the day
"Don't ever take a fence down until you know why it was put
up."
-
Robert Frost (American, 1874-1963)
Word for the day
Yestreen (adv)
During yesterday evening.
(Source: Dictionary.com)
Malice towards none
To set an
example, should AAP practice a pro-forma right to recall in Delhi?
Nifty poised critically: below 7850 floodgates open
On weekly charts, Nifty is poised precariously close to its major
support range of 7800-7860. A weekly close below this level will open the way
for a material correction (~10%) from that level.
A weekly close below 7200 will complete 20% correction from the
March highs and establish a medium term bear market, in which case 8450 level
will act as ceiling for next 36-52 weeks.
The market breadth has completely cracked last week suggesting
that broader markets may underperform henceforth. For confirmation however the
trend need to continue this week also.
A large underperformance of broader markets in next couple of weeks will
suggest market bottoming without slipping into a bear market. As of this
morning this is more likely scenario.
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