Technical view by Nooresh

Bse Sensex Support and max 9600

See this is wat happens in bearish scenarios people wid hardly any knowledge come up wid some crap predictions and reasons.

I may not be an old hand but simply put wat i have learnt is markets are always correct u may be wrong so the correction is correct and was bound to happen and so stop speculating.

well is there anything wrong wid the markets boldly no but wat is rit abt the market is if it has to move frm 8k to say 20k it technically needs to gather strength by correcting a good 38.2% or 61.8% frm the high in a rally u can see the technical justification here wat happen on 17th may given in the chart below

so same would happen this time support the 38.2% retracement from 17 th may to current 12600 odd is at 9500-9600 and 61.8% from october is at 9600 so this is wat i conceive as the max and better would be a bounce back frm 10200 odd i.e 38.2 % frm oct so these are levels to watch out for .

basically the market has given a huge breakout frm 8000 levels which implies a rally for next 8-13 yrs and all these blips and falls gonna be a part of it so make up your mind for how much time can u have patience and play accordingly

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Article by Nooresh Merani

Nooresh has written 2531 articles.

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