A thread - Nifty and the sectoral Indices in India:
Nifty - A possible short term pullback from the trendline here. Nifty price is around the 38.2 fib level and trendline support. Probably a gap down and pullback tomorrow. 1/n
Nifty - A possible short term pullback from the trendline here. Nifty price is around the 38.2 fib level and trendline support. Probably a gap down and pullback tomorrow. 1/n
Nifty Auto - I see a short term pullback here too. Reasons being the price is now right at the downward sloping trendline and the price has retraced 61.8 fib levels of the entire rally from 2008 lows #CNXAUTO 2/n
Nifty Metal - The price is right at the lows and should show some strong buying, which could lead to some pullback from here. Also, the price is at the downward sloping trendline and the lower line of the pitchfork. This convinces me of a short term pullback. #CNXMETAL 3/n
Nifty PSU Bank - Price reversed right from the downward sloping channel and also from the lows of '05 & '06. A strong pullback can be expected here again #CNXPSUBANK 4/n
Nifty FMCG - This sector is right at the trendline, which has been acting as strong support since 2013 and I expect the price to reverse from here for the time being. #CNXFMCG 4/n
Nifty Energy - The price seems to have taken support for now at the upward sloping trendline and I expect some short term bounce from this level #CNXENERGY 5/n
Nifty Bank - This sector could lead the short term pullback of Nifty; Price is at a very strong support zone and also at important fib levels. #BANKNIFTY 6/n
If these sectors do not support the short term bounce of Nifty, then we are going deep! #Nifty #trendlines #trading #investing #Coronacrash
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