We had intimated about the intermediate 600 points and 1000-1200 points move in nifty and bank nifty with the importance of 15th June and it's effect on 16th June and same was captured intraday with continous panic selling throughout the day in the last session breaking the previous lows and making a third lower channel in process
The amount of pessimism and negativity is always good for investment and investors must always use the dips and panic to pick value stocks and stay with patience and keep accumulating as per comfort and capital
Technically the markets moved into a oversold zone but have been doing so from many days and no low is new low for the markets
However it's near a small supports for nifty and bank nifty and a weekend may rupture the downfall with a small upswing
We have booked all our shorts last day and tried to enter small longs in nifty and a stock option at the end of the day with that probability
We may be wrong but we didn't want to carry shorts and will look at the crucial supports for a small bounce if it helds
It may move both ways to create an impression for more fall or shorts but has the probability to take supports and inch higher
If it does, nifty can move higher if moves above 15468 for 3 candles along with bank nifty pivot at 33289
If it moves down the intermediate supports are at 15250,15150 and 15019 for nifty and 32119 for bank nifty
Commodities are a sell on rise in bullions, base metals and energy
Bank nifty pe zooms to 750+ from 45
Sell nifty does 500 points
Sell hindalco does 30 rs
Sell bank nifty does 1000 points
Nifty pe does 270+ from 11
