NIFTY
For the past 7 out of 9 days, Nifty has depicted a similar market structure. All rallies were shorted and the market headed lower except of just two days, one of which was a news driven event of a stimulus package being declared of $266 Billion (20 Lakh Crore - INR ) by the Indian government to help the economy.
Reminds me of the quote: Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street - Jesse Livermore
We can expect similar market behaviour (selling of every rally) to continue but again then there are no guarantees.
Today, Nifty retested the 9125-9115 support zone and if we break down below that zone, that would be seen as a break of market structure and we can see a sharp decline. Looking at the sell offs in global markets like DOW and S&P500 there is high likelihood of the break of the zone but we will have to wait for tomorrow's market open. Looks like stimulus package did not help bullish sentiment much and we can start seeing large number of downside rallies again.
If we fall, next immediate support levels would be :
- 9000-8900 (round number & long term support zone)
Daily RSI
Nifty - 47.25 - Neutral
If you found the article useful
HIT LIKE!