ASI got a colossal 271 points drop today almost triggering circuit breakers today in bourse! This was the biggest single day drop ever since last year October 11th.
As expected from losing rising wedge trendline support market was showing diminished strength even though most of the fundamentals are coming in to place.
What to expect
* I strongly believe market should bounce hard from 8430-8500 levels. given the long standing trendline support lying there.
Pros.
* Market is properly oversold, green RSI region has only being pierced once in recent history. Covid era
* Fundamentals are flipping
* Interest rates are gradually coming down
* 0.5 Fib level
* Possible double bottom with a good support zone (marked in green)
Cons.
* DDR uncertainty.
* Dollar earning counters are at slight risk due to rupee appreciation
* Risk of losing dark green trendline. (further downtrend can be expected, though unlikely, there is a possibility
Not IA. just observations..
As expected from losing rising wedge trendline support market was showing diminished strength even though most of the fundamentals are coming in to place.
What to expect
* I strongly believe market should bounce hard from 8430-8500 levels. given the long standing trendline support lying there.
Pros.
* Market is properly oversold, green RSI region has only being pierced once in recent history. Covid era
* Fundamentals are flipping
* Interest rates are gradually coming down
* 0.5 Fib level
* Possible double bottom with a good support zone (marked in green)
Cons.
* DDR uncertainty.
* Dollar earning counters are at slight risk due to rupee appreciation
* Risk of losing dark green trendline. (further downtrend can be expected, though unlikely, there is a possibility
Not IA. just observations..