NIFTY – POINTS TO NOTE
1. The fall from high of nearly 20000, has been a corrective one and in no way looks like an impulsive wave.
2. We are PROBABLY very close to the support level
3. We are oversold on the charts.
All the above 3 factors point towards sudden recovery either today midday or tomorrow. (We may open with weakness and then recover)
In short
open with weakness and then recover. recovery may be a pullback for a final wave down OR the correction completed at today’s low.
NIFTY Opening On 14th Aug 2023