Nifty Prediction do not see downside sustaining below 11100 low of Friday as mentioned. Excellent time to buy for longer term delivery in recommended stocks.
Nifty today opened higher but during the day we did see some sharp selling from higher levels of 11400 and Nifty once again went all the way to the lows of 11100. On Friday we said that we do not see any further downside in the markets and we hold our view. As per my analysis worst astro cycle is done and we should see markets now moving higher but for any reason like the one we had today where 2 cases of coronavirus were reported in India and we did see some intraday panic which was India specific we see that as a buying opportunity. Buy into high quality stocks which we have recommended and Hold. On Friday we bought Divis Labs, Maharashtra Scooters, Tata Chem, Icici Bank, Pidilit Ind, Kuantum Paper, HDFC Bank, Abbot India, Tata motors, Siemens and Jub food. We see these stocks doing very well in the coming time.
For traders selling puts will be a good strategy during any panic not that we may see and I am not expecting any further panic but if intraday we do see any panic then selling puts or buying out of the money calls will be a good strategy as we see markets wont sustain lower and we see a good recovery in the coming days and weeks. Astro cycles start getting positive for India from today and post 9th March astro cycles will support the market well. Purely from a technical perspective Nifty is extremely oversold and generally but not as a rule whenever we have seen such deep levels of oversold indicators it has always lead to a major bottom formation and then a major rally has erupted from lower levels.
Good trading to you!