a lot of stocks hammering and sharp profit booking is going on in the indian stock mkt. this, while the global stock mkts have been stable or positive. will be a bit of time till stability is reached or after there is some sort of consolidation.
many days back i had given a view and tgt on nifty based upon breakout from intermediate term upward sloping trend channel.
accordingly the tgt of 6340 was completed accurately and nifty is undergoing profit booking since then.
the medium term trend is weak and in a sell mode. the channel upper trendline as expected was tested and provided support for this downmove and nifty made a pullback till upto 6070 few days ago.
currently again a fresh profit booking of the pullback is happening and it may well continue upto 5835/5780 or so. but if it continues further, then again the trendchannel upper end as well as the earlier low of 5690 become important as supports.
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