After initial drop in late August, market tried to rally which got capped at 10300 area. Due to lack of good support, market is drifting down. When will this correction end? What shall we expect in near term? BPNYA below EMA(30) while Volatility ($VIX) continues to remain above 20 mark, both suggesting further downside with wide swings. Not much has changed in below chart, expect range bound action for a while. Observe, how RSI could not even get above 50 mark even though market was rallying earlier. Weekly chart suggest further downside in weeks ahead, expect zig-zag action. NYUD way below EMA(21) and will take some time to repair itself. Current charts are telling us that in coming weeks we may see lot of volatility and wild swings. Market will drift down in two steps down, one step up fashion. Eventually, it might marginally break the lower low before a meaningful rally. It is wise to remain on the sidelines as we shall see lot of choppiness ahead.
What does it mean for our Investments?
Market in correction mode, stay on side lines... Comments are closed.
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