Carnage on Dalal Street

By | February 9, 2011

Nifty Daily Chart

Nifty daily chart showing breakdown from September levels and breaking breakout level of 5300 levels. If nifty close below this level for another 2 days we are opening gate for 5000 levels.

The above chart was previous day chart when we broke the important support levels. What happened today is History again.

IF you look at NIfty today chart we were drifiting slowly but the carnage seen in mid caps and small caps was a diaster.Stock were falling like pack of cards and Infra stocks were hammered by bears as the company are about to collapase.

Well it was a day of capitualtion and for investor it is good time to accumulate good quality stocks like IVRCL,BEML,Rcom (many may not agree)

Start Deploying your cash slowly as no one can predict top and bottom but think of 3-5 years down the lane.

Fibo Levels for Nifty

If we take the Fibo levels from high of 6330 and low of 4778 next support comes at 5110 which should be next support for nifty.

Nifty Looks oversold on charts and bounce back should be restricted to 5374 in this week.

Keep 5110 and 5374 in mind to do all your trades in Nifty for this week perspective

For tomorrow Levels for Nifty Spot are

Buy above 5272.9   Tgt 5320.1 5339 and    5386.7

Sell Below 5225 Tgt 5206 and 5159

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