Sensex – 38.2% retracement comes to around 16000 levels. 50% retracement at 14500.
Technical Breakdown below 17500 gives a target of 15500. So we are soon getting into a zone where we can see recovery.
Metals like Sterlite, Tata Steel could give sharp rallies avoid shorting them from here.
Nifty – 38.2 % retracement levels come at 4775 and 50% at 4300. Technical downside targets come at 4700 for the breakdown below 5200-5300. Again getting into a zone of short term pullback.
RSI will get into highly over sold and almost comparable to 2008 falls on any further cracks. Small buying can be done selectively at current levels with medium term view.
Happy Investing ,