Markets are at fast unwinding pace by FII till now but to this our mutual funds were also joined because of redemption pressures. High net worth investors are unwinding. Now the entire wind in the markets is unwinding. No light at the other end of the tunnel. Just play to downside. This swing may lead our markets up to nifty 2600 with a pause at 2900 ( may be for settlement pressures).
At nifty 2600 this unwinding may come reduced because of huge value diminishing. Here the late rally may lead up to nifty 3000/3200. From here our journey will be based on fundamental values diminishing and slow journey to market levels up to 2200-2000-1800 nifty over a period of six/ twelve months.
One hope for a bounce is that a double bottom formation at 3200. RBI measures. In this tsunami the measures are not effective from redemption pressures. Hence, if we miss the jerks at 3200 levels we can safely travel up to 2600 nifty may be into next month settlement.
Plan your journey into next month settlement target nifty 2600. Best of luck.
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