Looking at the chart of NIFTY May series may turn out to be disastrous for the market on a global perspective. We have seen a sizable rally this week, people will start coming back to the market and say there is value and it will start bottoming out. But that will not be the case.I wouldn’t bet on this market going much beyond 5800.But if does come to higher than 5800, I will go short on the mark...et. You have to be careful if you are playing long on this market because you have to be conscious that you are playing the counter trend rallies. Counter trend rallies can end without warnings, so that is the downside if you are going to play the markets here.This is looking merely like a nice large rebound from 5500 to 5800, it is about 300 points correction from the entire fall from 6100. This rally will set the base for a much larger decline going closer to 5300-5200 for the formation of LOW 5(Refer the photo).
Mixing technicals with history is a good idea as we have seen stock markets crashing in the month of may and even Technicals are telling us the same story.
Mixing technicals with history is a good idea as we have seen stock markets crashing in the month of may and even Technicals are telling us the same story.
