Refer to my last post, Nifty faced the challenge in trying to cross 4630 and failed. What we saw, henceforth, is a big fall from that level in 2 days. Now where do we head for? Frankly speaking, there is no technical supports between 4630 and 4050. Its a complete vacuum. I am not saying that Nifty will fall till that level. It might. It might not. It will take support wherever it feels like. Psychologically, though there can be supports at 4422, 4375, 4214 (all 1st month futures) as well.
Today, Nifty stopped around that level of 4422. Test would to see whether it stops here not. One should also keep an eye on S&P 500 at this moment. If it manages to stay above 945 which is the 200 day EMA, Nifty might get the desired uplift....
Above 4630 in Nifty, there will definitely be a blast upwards. And I still repeat that we are in a structural bull regime. That means even if markets fall, they will bounce back suddenly with very few participants.
So watch out for that sudden bounce wherever it comes.
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