Enough is enough!!! A panic buying expected turns into panic selling

Daily fall in markets in the last few days have left investors and most importantly traders frustrated and worried. " Enough is enough!!! " are the three words that might have been heard in the dealing rooms across India today. Few months ago many analysts on various TV channels were talking about panic buying taking place and they claimed that it will be done by those who have been sitting on the sidelines waiting to deploy its cash. But going by the today's trading session where there was no support whatsoever working, it seems that it was all due to panic selling rather than a panic buying that was expected by many analysts. Investors are advised to deploy their cash slowly and slowly and not in one go!


Nifty view:

4557 is a major support as it is fifty percent of total up move. if 4557 doesnt hold on closing basis then expect 4419 as the next support which is 61.8 % of the totak upmove. According to Fibonacci levels, markets need to bounce back these crucial support levels. The technical indicator also indicatiang that Nifty is in highly oversold zone and may bounce back very sharply



Have a nice trading day!

Regards

Ankit