Posting after a long time. Hope you have made good money in between. As usual I am here to share my trading ideas. To those who are saying that this is a deep correction the only answer is that the markets have just corrected from 21000 to close to 19000 levels which by no means is a deep correction. It is a usual bull market correction. As usual we are not into this level prediction game because this is not possible even if you are Einstein. Refer the chart below for perspective.
This is the weekly chart. I have shown 20 week,50 week, 89 and 200 week averages. From the time this bull market started, the Sensex has gone up then corrected back to its 20 day average sometime penetrated to close to 50 day and then again back again to higher levels. Similar is the case this time. Till the market breaches 89 day average we cannot say that this is an end to Bull market (dont go by newspapers). I always prefer buying near this value zone rather than chasing returns.
Now the neext question arises - what to buy? One can have a look at Nifty ETF itself with a stoploss at 89 week average (17095 for Sensex).
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