As mentioned on 27th, Nifty was to take support at 3880, it has reversed from 3878 as of today. This level is the support line. If closes below this for few days we would be heading for new lows.
Being a support line from 2005 fall on wards and also held the 2006 fall. I expect this line to support as of now and see some pull back in Nifty upto 4050-4120 levels.In case it does not and nifty closes below it for 2-3 days we would see new lows.
Fundamentally stocks were looking good when market was at its peak. Fund houses and analyst were giving huge targets for the same. But now at current levels when stocks are available at 70% lower price, not one has interest. But look at things the other way, Anil Ambani owned companies are down more than 70% from peak. Does Reliance group have any credibility.? Can we rely on them any more? Is the company hollow inside like any other small cap? Is it a game being played by Anil Ambani where in he is making the money shorting his stocks? Big question to think about.
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