You can see the Nifty chart and the Channel which I have been referring to.
There was a false breakout which made all analysts confuse and have to asking
to Buy on all dips.
Now we see 2 reversal patterns on 30th Jan 2015. There is Double Top, as well
as Bearish Engulfing that has happened on Nifty charts.
Now until market closes above 9000, there is no buying opportunity.
Or market needs to show reversal at the support area.
Market may now test 8600-8630 in the coming days. That could be short term
support. And the maximum downside that we are see at this point of time is
around 8300. So that could be area where you could look for buying.
I am not telling that it may correct till that, but if it does, that would be a very good
place to buy.
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