"Everyone is King until the real king(Market) arrives"
In my previous post I did caution everyone about the unjustified rise(my view) in Nifty and few people where still buying in my group at that high level. And today Nifty fell 300 points.
Since last few days Nifty starts at day high and falls down then a pullback comes which brings it back to moderate level.
But today was different and hence I am writing a follow up post.
Today Nifty fell from day high(LH as marked in chart) made a new low(LL) but no strong pullback happened and it closed below our upper line by taking support at major support level.
If this is breached then Nifty will have to go down to our targets 1 and 2.
FII's are bullish and hence I think it might bounce back from this level.
If it does not then T1 & T2 will be further support levels for Nifty.
Stay awake and Stay cautious.
Note: Views only for educational purpose. Consult your financial advisor for any trade.