Posted By : Kishore B.S
As warned earlier markets showed a sign of correction, Nifty is now trading near its two months low, and its the second time that Nifty has broken the 50 day moving average in the current quarter.
Keeping in view the current down trend, we expect to give a target of 7700 and 7650.
We also suggest traders to go short on Nifty at current levels, keeping a strict stoploss of 7900.
Investors wait patiently till 7700, or start buying in bits and pieces at current levels and accumulate when market corrects to 7700.
For long term investors go stock specific start building a portfolio, for next run of Bull market, where the current weakness in market is just for short term and majorly due to profit booking.