Update on the market. Market to test long term supply zone.
Multiple gap downs and poor follow through through the days have put Investors in Panic.
We expect strong pull back in the market last week and it did not happen.
We also requested investors to exit stocks on Stoploss and add stocks which are yet to hit Stoploss.
At this point in time most of the stocks have Stoploss except few.
Currently based on Technical charts NIFTY has its long term supply zone near 10,000. Any reversal signal here on will trigger a strong rally of 20-30% in less than 2 months period.
Crude at lows with Corona Virus becoming Pandemic is still causing worries to Global investment community.
I personally feel that market will hit fresh 52 week highs in less than 6 months after proper consolidation. Consolidation period will be closer to 3 to 6 months.
Continue holding quality stocks. You can continue to add quality stocks to your portfolio.
We will revise our top 10 stocks in this week.
We continue to be bullish on IT, FMCG, Private Banks, quality chemicals, quality midcap and quality broader market stocks.
We will continue to avoid buying Pharma, metals, PSUs, autos, smallcap and other poor quality stocks.
Market is pending a bounce of 10-15%, such bounces can be used to exit stocks if you are holding some poor quality stocks.
I’ll try to upload a video on market analysis on current market situation and how to react in such situations.
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