Nifty opening on 22nd feb 2021

I my last special post on 17th feb, for opening on 18th feb , I had mentioned that the Nifty can fall to 15000 levels.

“We will see more weakness on the 19th till around 15000 or so where support should come.”

The nifty did fall to 15000 and seemed to be taking support. However wave count does indicate lower levels till around 14750-14800 can be reached on monday itself.  This ongoing correction is taken as a intermediate correction .
I had also mentioned normal precautions to be taken in this ongoing bullrun which I will enumerate below

  1. Short term Trading is the best policy in this elevated market. However one must not indulge in any short or medium term trading unless you are trained for it.
  2. For long term investors it is not advisable to build new positions but ride on your existing portfolio
  3. Hedging your portfolio according to the market sentiments is always advisable, IF you have knowledge of options.

I am along with the nifty chart giving also the option chain chart which does indicate the present weakness in the markets.