Nifty - A possible double bottom around 7900-7950?

Nifty turned exactly from 50%/21 EMA. Carrying Shorts created at 8242 with Stop loss at 8280, target 7970-8000. 8100 came in a flash with gap down. Nifty can make a possible double bottom around 7900-7950. Will go long with Stop Loss of 7890.

* BankNifty is likely to breakdown from 18200 zone to 17800-850
* CNXIT is due for a leg down to 9800-9900 zone.
* Market heavyweight Reliance (RIL) also weak, technically.
The above market internals are also supporting the above hypothesis. Lets wait & watch.

Markets can prove everything wrong. Manage your risk carefully :-)

Commentaire:

Although it took a bit long to reach at 7900-7950 zone. Watchout for double bottom. Very high possibility of a bounce from here as India VIX is not showing any signs of panic. Hovering at around 15.
Invalid only closing below 7850.