Past couple of months I have been telling that we are in middle of UNSEEN BULL MARKET where it is tough to pick top at the right level & at 19000/20000/21000 so on people tried to pick the top but failed & even at one point of time between 20200/20800 zone I too gave a big red flag to stay cautious for 15 days but eventually that time market negated that view & gradually with overbought RSI it moved up & till now high posted 22526 levels.
• When I changed my stance from cautious to bullish again above 20800 I have always concentrated on one thing that let's not try to pick the top but focus on the key support to manage the risk & try to stay with the direction.
• After changing my stance we got first key support at 21135 which I shifted to 21530 then again shifted to 21860 & again few days back I shifted it to 22225 spot levels & I alerted that if our key level gets breach we will go highly cautious and first manage the risk in current stock holdings we have in hand and today we broke 22225 with force and wild swing & speed and got close below it.
• Now the question in front of us is what to do? As we have seen a brutal sell off in mid & small caps & specially in those mid & small caps which has moved immensely in last 12 to 15 months & same stocks giving wild pull back with almost 50 to 70% correction from top, now question is will this sell off continue or at some point of time it takes pause ? Then my answer is as of now no clear evidence I have that till what level it can fall, As in today's trading session majority of the index & stocks have opened its downside risk and many lower levels, though small cap index has gone in oversold zone & RSI trading near 25 as of now, so let's try to understand through the chart & levels to watch out & what alternatives we have in hand & how we can move ahead hereon.
• When I changed my stance from cautious to bullish again above 20800 I have always concentrated on one thing that let's not try to pick the top but focus on the key support to manage the risk & try to stay with the direction.
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• After changing my stance we got first key support at 21135 which I shifted to 21530 then again shifted to 21860 & again few days back I shifted it to 22225 spot levels & I alerted that if our key level gets breach we will go highly cautious and first manage the risk in current stock holdings we have in hand and today we broke 22225 with force and wild swing & speed and got close below it.
• Now the question in front of us is what to do? As we have seen a brutal sell off in mid & small caps & specially in those mid & small caps which has moved immensely in last 12 to 15 months & same stocks giving wild pull back with almost 50 to 70% correction from top, now question is will this sell off continue or at some point of time it takes pause ? Then my answer is as of now no clear evidence I have that till what level it can fall, As in today's trading session majority of the index & stocks have opened its downside risk and many lower levels, though small cap index has gone in oversold zone & RSI trading near 25 as of now, so let's try to understand through the chart & levels to watch out & what alternatives we have in hand & how we can move ahead hereon.
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