11.03.2020- 3.39 pm

Indian Equity Market: Tough challenges and more bumpy rides are ahead! This was our earlier caption in our Market Update written on 28th Feb'20

Now, the further necessity has come, to share some important Nifty Index levels and time series analysis with the readers of this article:

How long and How far, the ongoing correction will continue in the Nifty Index?.. It is an important question lingering in everyone's mind., is it not so ?

At present to answer this question is a herculean/himalayan task for any technical analyst, they may say the support levels one after another, after violating and breaching the levels daily, so the timing the market is the big question and support levels too.

My gut feelings say after analysed the entire move from 10k mark to 12430, the Nifty Index took 303 trading sessions to reach the all time high on 20th Jan'20 i.e. 12430.50 from the low point made on 26th Oct'18 i.e. 10004.55, the time cycle analysis confirms that, the ongoing first leg correction may end on or before 13th March'20-Friday.

The expected Nifty Index support levels are 10290-10030, on worse-cum-worse basis the threshold supporting point lies at 9820, this view will negate only if, the Nifty Index moves and closes below 9820, which may pave the way to test 9685-9500.

The counter move may begin either 13th March-Friday or 16th March'20-Monday, unless it does not break below the low made as on date 10294.45 or make any fresh low on or before 13th March'20. 

Anyone wants to bet for the medium term perspective may invest in lower valuation stocks in Nifty top 100 companies at 10300-10030-9820 levels in the Nifty Index.

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