The markets corrected after hitting the resistance zone. Every correction is a buying opportunity.
1. The Technicals are at play out here. After hitting the expected resistance zone, the markets are correcting.
2. 8650 was a strong resistance and the whole 8540-8650-8720 will provide a very strong support.
3. The global cued have suddenly turned negative with prospects of rate hike in September by the US Fed.
4. Partial profit booking is a must in midcaps which have gone up from the Feb lows.
5. We are in the 5th wave up from 6826. The first wave was 1200 points and we should go above the previous top of 9119.
It is a buy on dip market, with profit booking at appropriate times.
1. The Technicals are at play out here. After hitting the expected resistance zone, the markets are correcting.
2. 8650 was a strong resistance and the whole 8540-8650-8720 will provide a very strong support.
3. The global cued have suddenly turned negative with prospects of rate hike in September by the US Fed.
4. Partial profit booking is a must in midcaps which have gone up from the Feb lows.
5. We are in the 5th wave up from 6826. The first wave was 1200 points and we should go above the previous top of 9119.
It is a buy on dip market, with profit booking at appropriate times.
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