Nifty: Will it hold 22,800?
Anuj Singhal said that now 22,800 is the most important level here. The last time a rally of 1000 points happened from 22,800. If 22,800 breaks, the way to 21,800-22,000 will open. After the elections, the rally started from 21,800-22,000. But the problem is not with Nifty. Nifty will stop at 22,800 or 21,800 or 20,800 somewhere. There are many such stocks in your portfolio which will not stop falling. Many stocks have fallen 40-70% from their peak. There are many stocks which will never touch their old high. Many fancy IPOs have now come to their lowest level. Why is no one looking at IPOs again now? There was a buy opinion on every IPO in the bull market, where have those stocks gone now?
Market: What is the problem?
Anuj Singhal said that this is the problem, nobody knows what the problem is. Whatever reasons we list are symptoms. Perhaps nobody knows what the disease is. Dollar-rupee, FIIs selling, sentiments, all these are symptoms. To some extent you can say that earning is the biggest reason. After the budget, there was hope that the market will move. Budget, RBI policy, Delhi elections all were positive, but the market slipped even then. When the market does not move on good news, it is a typical bear market. It does not matter to the bear who is standing in front of him.
strategy on nifty
Anuj Singhal said that the first support is at 22,950-23,000 (yesterday's low). The most important support is at 22,780-22,850 (recent low). The first resistance is at 23,150-23,250 while the major resistance is at 23,300-23,400. Same strategy: Whenever the rally fails, sell with a stoploss at the day's peak.
