Nifty View 19th FEB

Nifty witnessed vertical sell off for last 8 days, which is more than the usual time that the market took while correcting. In terms of price retracement, if we study past data then we see that Nifty corrects by 700 points whenever it corrects for more than 5 days. In the current sell off we witnessed sharp cut of 600 points. In brief, markets are nearing to major levels in terms of price and time.

For the day, between 10600 and 10550, medium term investors should look for buying in good companies. For traders, buying is advisable if Nifty forms reversal formation after hitting important supports. Support exists at 10580 and 10550.spot