Punters have tasted the blood and did spare a single chance to pull the market down.
Without much hesitation all short unwinding was put aside and we could see fresh shorts on Tuesday.
Any pull towards upside is a sign of danger rather than a relief rally.
India's most tracked stock Reliance Industry broke important support level of 900 and closed below it after more than 6 Months.
In terms of % fall, Tuesday saw a steeper fall after January 2008.
We are unable to see any support on the lower side and doors are opened for much lower levels than anyone can expect.
Its better to stay short or stay neutral than holding longs in this type of market.
Without much hesitation all short unwinding was put aside and we could see fresh shorts on Tuesday.
Any pull towards upside is a sign of danger rather than a relief rally.
India's most tracked stock Reliance Industry broke important support level of 900 and closed below it after more than 6 Months.
In terms of % fall, Tuesday saw a steeper fall after January 2008.
We are unable to see any support on the lower side and doors are opened for much lower levels than anyone can expect.
Its better to stay short or stay neutral than holding longs in this type of market.
Nifty Pivot 5429
Support 5381-5359
Resistance 5446-5484
Support 5381-5359
Resistance 5446-5484
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