We had mentioned some days back also that our daily trend of Nifty came in downtrend at 4287.95 on 11th September . The current closing of nifty on Friday is below 2600. We believe technically that till the trend is down one should not look at buying as we do not know that till how long the trend can remain down. When we put nifty is downtrend near 4287, we could never think that it could fall by more than 1500 points, but as they say trend is your friend, we respect the trend.
Since the percentage above support is right now 0%, which means that the markets are extremely oversold. Theoretically a zero percent above support convey that all shares are dead which means that now slowly they should start seeing buying in them. But we still do not wish to do bottom fishing as we think that now a sideways consolidation and correction should follow and till markets do not generate a short term buy signal, we should wait before buying.
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Weak Futures
This is the list of 10 Weakest Futures: Jindalsteel, Essar, Jsw steel, Suzlon, Tisco, Welspun guj., Bajaj hind., Ivr prime, Ivrcl & Ndtv
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