S&P CNX Nifty 2635 -48.15 (-1.79%)
S&P CNX Nifty broke the 3 year support of 2632, which means it’s only a matter of time for the next lower support to happen. I mentioned earlier that the S&P CNX Nifty has merely broken the 3-year low recently whereas the Dow has breached the 5-year low decisively and is headed closer to its 10-year support.
I now peg the next lower support to emerge closer to the 5-year low of 1470. I don’t expect a sporadic fall to 1470. The fall would be phased giving ample exit opportunities. The next support level to watch would be around 2316 for the immediate term.
This is nearly 50% lower from current levels! Traders – stay away for now and Investors – sit with cash till further trends emerge.
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