Even after Presidential Election Govt maintain its Silence - hence Stock market becomes nervous + 51 Securities removed from FnO - Resulted in Yesterday News of Margin Triggered - resulted in heavy sell off in Mid Cap stocks
Today rumour about drought declaration on Monday by Govt. and followed by Panic in PSU Bank Stocks as rumours of Agri Loans may get waved and fear of NPA may raise - as result SBI / Andhra Bank / PNB and Vijaya Bank got hammered. Bank Nifty lost all the gain in the Second part of the trade.
The above chart I have marked the two possibilites in next Week.
As marked on White Color :- Raise upto 5190 for 3(2), may be can break the channel and fill the gap left as marked on chart. In this Case sw(3) can once again Extend as it violate the sw(1).
As marked on Yellow Color:- Can come down to fill the gap left on the bottom (todays gap up) and may raise upto 5160 to complete sw4. This move is a Possible one.
Third Possibility may be sw(4) is completed and moving now for sw(5) as shown on chart.
Hence the conclusion is still more pain left next week also. As I have warned for last 1 month, Nifty is now really making a fall faster than expected.
Wish you all a very Happy week End. Cheers!!!
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