Nifty witnessing an intermediate downtrend: Deepak Mohoni, trendwatchindia.com
Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about Nifty.
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| Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about Nifty.
Nifty is again back to the 5250 mark. It had a touch and go with the 5300 almost 4 to 5 times. Do you think there is a lack of conviction in the markets right now?
It is more than that. It is actually an intermediate downtrend again and it has been on since the May 21. So it will be downwards now for at least a couple of weeks. Global markets are extremely weak. You can see indices like the FTSE are down to a 6-7 month low.
Therefore, there is going to be global pressure and though we are doing relatively better we are not really tanking to such lows. The problem is that this is an intermediate downtrend and lower levels will be coming. So whatever supports we have seen in the last one month or so, are really irrelevant because it will most likely go below them.
Nifty is again back to the 5250 mark. It had a touch and go with the 5300 almost 4 to 5 times. Do you think there is a lack of conviction in the markets right now?
It is more than that. It is actually an intermediate downtrend again and it has been on since the May 21. So it will be downwards now for at least a couple of weeks. Global markets are extremely weak. You can see indices like the FTSE are down to a 6-7 month low.
Therefore, there is going to be global pressure and though we are doing relatively better we are not really tanking to such lows. The problem is that this is an intermediate downtrend and lower levels will be coming. So whatever supports we have seen in the last one month or so, are really irrelevant because it will most likely go below them.
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