Multiple effect ( Long term capital gain tax ) & Global effect ( US bond value) crashed nifty to record levels from 11026 to 10760 ( Nearly 270 Points). Similar fall down is observed during Demonetization but nifty has taken significant time to retrace upwards.
Keypoints
This might be the single time highest consolidation
Nifty is likely to retrace below 38% fib series i.e Levels of 10680-10720
Continues down fall may halt around 50 MA
Trend reversals might be seen around range of 10450 - 10550 and likely to hit 11000 in couple of months
Further fall down below 50 MA and 10450 levels will take nifty to record levels low of 10050 to 10100
Regards
Dinesh
Keypoints
This might be the single time highest consolidation
Nifty is likely to retrace below 38% fib series i.e Levels of 10680-10720
Continues down fall may halt around 50 MA
Trend reversals might be seen around range of 10450 - 10550 and likely to hit 11000 in couple of months
Further fall down below 50 MA and 10450 levels will take nifty to record levels low of 10050 to 10100
Regards
Dinesh