The risk aversion trade is back on as the debt problems of the Europe are bringing down global markets.
Let's look at supports of nifty.We have supports between 4650-4700 as mentioned in
couple of posts.We are bounced 1.5% from recent lows.
Now weekly pivot 4800 is big resistance now.If we manged to close above that level 4840
and 4890 are resistances again.4920 will act as Pivotal for trend reversal.
If we break below 4650 and closes below that.
We may reach 4440 level in few days.
There is a contrarian view because we bounced 200 dma + 1% levels.Lets see how we
behave next week.
Let's take a look at sector wise.
Reality : No hope in near term avoid this except volatility is there anybody making money in this sector ?
Every Dip is a buying opportunity in this market if you enter at right price.
Banking: ICICI BANK at interesting levels.Just watch a close above 830 it will give boost to upside.Down side good support comes at 720
These observations are for short to medium term investors who are afraid of intra day trading and want to invest safely.
The defensive sectors which not corrected much in this fall is Health care and IT.
Disclosure: No positions in indian markets