‘ F&O Activity points to Nifty Sliding to 10,000 in March’ the headlines on the Smart Investing page in THE ECONOMIC TIMES in its newspaper dated 23 February 2018.
Nifty future did exactly the opposite and climbed 122.75 points to close at 10504.55 suggesting that the first leg of 5-wave decline may have ended and is poised for the 3-wave up move which may retrace up to 10840 which nearly 61.8% of the fall from the top of 10185.6 to 10290.1. The headlines stated at the start provided the clues of the near-term bottom in place.
‘ Sensex Rises 323 Pts on Strong Asian Cues, But Players Expect Trend to Stay Weak’ states The Economic Times in its page Markets: Beating Volatility in its newspaper dated 24th Febuary2018.
The above headline shows that the players are still in disbelief and does not expect the market to rise in near term on the various concern.I expect exactly the opposite sentiments in headlines when this correction tops out and resume its downward leg again.
The day traders can buy near 10470 or above 10516 with a stop loss of 10448 for the target of 10579 and 10614.
The positional traders can buy it near 10470 with a stop loss of 10399 for the target of 10725.
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