NIFTY today dropped like a rock. Largest candle since Jan 3rd and biggest negative candle since Dec 20th. Lookig at the past gap up days, I was reallh worried that market may reverse but you may never know when.
Looks like many high priced stocks fell like a rock today. Because we don't have many stocks going down but we have major dollar volume in negative terriotory. Looking at the current situation, we seem to be heading towards atleast the pullback of another 2-3%.
Right now Nifty is at the last Pivot support area and it may find support their. Buf if this is a real supply in th market, we should see 4868 price range in next couple of days. If we get major down days like this again, we may very well see the 4600 prices to find any support.
Big caps are not showing major selling. Usually they are very stable for minor correction.They all did close down but without a big volume push. Market may find a some support but if we don't get demand in this market, it will go down another 200 - 400 points.
One should think about preseving their money rather than investing at this time until the trend is finalized......
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