The markets corrected near settlement and that leaves us with several interesting possibilities.
1. Nifty corrected from 8598 to 7893 and we are merely retracing this up move before we head down.
2. We are retracing the entire down move from 8968 to 7893 before heading down.
3. We are in a fresh up move for new highs.
Now. possibility 1 gets nullified above 8457. The next probability of 8968 to 7893 has upward targets of 8437 8557 and 8753.
The 3rd possibility comes into the picture only after 8753. Now all these are just numbers how do we make them work for us?
8000 to 8200 zone is the best place to deploy the funds. One can invest say 70 pc of funds and remaining 30 pc can be invested below 7800 or above 8600.
Now, if the correction which began on Thursday has following targets of 8326, 8244, 8177 and 8110. The targets by the time we reach the budget session are 8500-8600 if the correction is short and swift.
Now. for the budget if we look only by numbers, there are 2 possibilites:
1. We are at 8100 8200 by the time budget is here and then rally to 8600
2. We rally till 8600 and then correct post the budget.
In any case 8100-8200 is buying time on the Nifty.
1. Nifty corrected from 8598 to 7893 and we are merely retracing this up move before we head down.
2. We are retracing the entire down move from 8968 to 7893 before heading down.
3. We are in a fresh up move for new highs.
Now. possibility 1 gets nullified above 8457. The next probability of 8968 to 7893 has upward targets of 8437 8557 and 8753.
The 3rd possibility comes into the picture only after 8753. Now all these are just numbers how do we make them work for us?
8000 to 8200 zone is the best place to deploy the funds. One can invest say 70 pc of funds and remaining 30 pc can be invested below 7800 or above 8600.
Now, if the correction which began on Thursday has following targets of 8326, 8244, 8177 and 8110. The targets by the time we reach the budget session are 8500-8600 if the correction is short and swift.
Now. for the budget if we look only by numbers, there are 2 possibilites:
1. We are at 8100 8200 by the time budget is here and then rally to 8600
2. We rally till 8600 and then correct post the budget.
In any case 8100-8200 is buying time on the Nifty.
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