Nifty opened gap down and the day ended with a loss of 259 points and BNF down by 250 points. Nifty has overreacted to the situation. IOC, BPCL and HINDPETRO tanked 20% apart from RIL 8%.
The worst is not yet over. October month has seen only 3 sessions and with in that index has lost 4.5%. Looking at the scenario, market is likely to touch 9700 level to complete the correction cycle.
Bank Nifty likely to touch 23600.
Members have been given the perfect levels to make use of the down trend.
Do not go long in this market. Any bounce back is just sell on rise. Buy PE on rise and look for the above numbers and make gains or wait for reversal.
Happy Trading!!
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