Market's ahead 08/02

From 5300 to 4700, almost 600+ points eroded in few days, almost all the stocks lost 20 to 30% of their peak value, will this be the good time to have some money inn. Yes as of me 30% of money can be supplied at this time on particular scripts.

Overall, if we take Fibbo level from 5300 to 4530, the correction that happened now touched 23.6% at 4700 and bouncing back. The short time trade on Saturday turned good and closed above 4750, which in sense indicates a bounce till 38.2% level pegging at 4827. So longers can have an initial target as 4827 and if Nifty sustain at that point, we can see a bounce till 4914.

On the other hand if Nifty reverse from 4850 level, then the immediate target will be 4620 and selling pressure at those level will make the slide still deeper to 4530 and 4250. A correction towards 4250 will be healthy at this point of time, which makes the valuation to be at a reasonable point. From the current level, even if market bounces up, I feel selling pressure will happen huge and with budget ahead, no one will feel comfortable to sit out with larger positions.

Nifty Spot levels for this week :

4620 - 4677 - 4751 - 4827 - 4882 - 4933

Open call for the day :

Buy Nifty fut above 4766 TGT 4827 -4848