Hello Readers!
It has been a while since the previous post on the index and a lot has changed since then. Nifty has taken a deep dive and is just coming up for a breath of fresh air.
Let’s first answer why Nifty corrected so much?
Is it because of Sri Narendra Modi, our Prime Minister? Is it because of weak economic policies? OR is it because of some twisted reason related to Pakistan?
The answer is none of the above!
The index is correcting simply because of global fears and impact of trade war which has interfered with the balance in global economy and its impact is visible via movement in 3 primary assets: Gold, Currency and Oil.
The picture is mostly self explanatory.
Nifty is rallying currently because oil dropped nearly 3% yesterday, but that does not mean everything is back to normal already.
I am not analysing Nifty’s moves in this post, that is for another post but for now I would like to emphasize that the correction is not over because the main ingredients (Gold, Rupee and Crude Oil) that determine the direction for Nifty, are still sour.
The volatility is evident from the price action. There is fear and anxiety and retail participants are losing self control in this market.
Correction will continue, even if Nifty takes some rest. And this rest will probably not exceed over 11155. It is best for the retailers to sit on their pile of money and wait the storm out rather than dumping it in the troubled ocean that Nifty is right now.
That’s all. Stay tuned to my blog for a detailed analysis of the Elliott Wave counts on the index.
I would really appreciate comments in the section below. Do share the link to this blog with your friends, other analysts and on social media.
Adios!
Fun Fact: I have added links which can take you to interesting articles. If you’re a hungry reader, then you will surely have fun!
#gold #NiftyAnalysis #rupee #intermarketanalysis #niftyanalysistoday #CrudeOil #Nifty #niftyshareprice
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