looks like a bottom is made or will be made near 7850-7900 for short term, may use any dips toward it to buy into the market, resistance exists near 8400-8450.

time to trade buy into major dips metals gold, silver, platinum with a two three month perspective.

monthwise fii and dii flows

nifty now where from here

last time I said 8300 is a strong support. that was true as long as broad expectations from local and global scenario. but we had two major unexpected and unforeseen negative scenarios developing for the market from second week of November. that is, Trump winning US Presidential elections and demonetization of Rs 500 and Rs 1000 denomination currency here in India, this singularly and together could lead to slowdown in our economy to which market reacted accordingly and broke the support level. bottoming out will take few more weeks and probably levels upto 7650-7950 can act as supports.

this is interesting, a salute to dr raghuram rajan

the rajan rally

as per previous post a downside support zone was marked in dotted rectangle and a movement upto 6350 was expected possible, after which I could not update market views.

nifty found base near 6900 and saw a major recovery to 8800.

there is bullishness on long term charts.

current view is support around 8300, max downside around 8000 i.e 6% from here.

long term upside is as given before i.e around 10500 i.e 22% from current nifty level.

therefore risk-reward ratio is still very good for long term investors buy on correction or market dips.

the possible nifty support zone

nifty can possibly take support near 6350 although testing of 5900-6000 not ruled out.