#NIFTY50 As mentioned earlier in this post
https://front.page/nifty-50/9270687 I did not have much confidence on upside and the small upside rally fizzled out. Today we saw a massive fall. With FII continuously selling and weak global cues it's very unlikely that we will see any meaningful upside. I believe nifty will soon fall below 15700. Once it does we will see a sharp fall till 15000 and gradually nifty will keep falling further lower till probably 14700 levels. This might not happen immediately as the MACD is extremely oversold. Currently we might see some consolidation with high volatility unless market is struck by some very bad news.
Upcoming trading session we might see some upside in morning due to oversold PCR.
Today specifically IT shares were under huge selling pressure owing to JP Morgan downgrade. Compared to US tech stocks Indian tech stocks are a bit costly at even this level. As NASDAQ falls we will see further fall in Indian tech stocks as well.
