YES! Hell yes!
Many of you might be wondering why it is that I am posting this on a day when we have seen a Reversal in Nifty and it has fallen below 11,700. To address this first, yes it’s gonna come further in the next few days. It should test 11,600 tomorrow and maybe even breach it. If it continues its downside it could stretch as low as 11,500.
And that will indeed be excellent! No I have not lost my mind just to clarify. Nifty 50 has shot upwards like a bullet in the past few months, even the current short term rally which started at around 11,400 broke past 11,750! Today Nifty registered its highest point of 11,761 breaking its previous all-time high of 11,758. Now that is a huge move with absolutely not a single day ending in red during the rally. There was bound to be some selling pressure at the previous all-time high level and Nifty 50 had already fatigued itself as was apparent with small downward moves in the past few days. So such a fall will bring about a strong buying movement at lower levels of 11,500-11,600, which could lead Nifty to blast over 11,800 in the next short rally.
In case that does happen I see a little more resistance at around 11,900. This however will be the final hurdle for Nifty 50. If it cracks downwards from 11,900 it could take support at 11,750-60 and then capture Mount 12K.
Thus for everyone who is not aboard the Nifty 50 Election rally of 2019 you still have a chance to hop on at 11,500-600 and then again at 11,750-60. These will be good buy zones according to me. The only good sell zone before the 12K mark is 11,900 where we might see another reversal.
If Nifty reaches 12,000 I could see headliners like HDFC bank over 2,400 and Reliance Industries over 1,500. I believe that these 2 stocks will lead the final leg of the rally with support from other shares in the Nifty 50 index.
Equity elucidation 