Market plunged for the third straight session on Tuesday with the sensex falling over 350 points, dragged by metal, banking and financial stocks amid weak global cues. The index fell 355 points to close at 52199; while the Nifty settled 120 points lower at 15632.nDifferent reasons are attributed to this correction: The rising Covid cases in the US and the UK due to the delta variant, inflation concerns, and concerns about growth coming below consensus expectations. It may be all these. The fact is that at high valuations when investors are sitting on big profits, trigger profit booking and correction.
If the
market has run up from 7500 to close to 16000 with just one or two minor
corrections, I would keep my powder dry to buy during a correction. The fall
may last for a couple of months. I will use my buying power to make use of the
fall because it will be a deep correction. It is a long due bull market
correction. It will be a healthy one. I do not see any prudence in putting
money at the moment.
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Resistance: 15700, 15800, 15900
Support: 15600, 15500, 15400
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