Nothing positive to take the market higher....In a bear phase, good news doesn't have any impact. I have marked the possible areas where nifty could potentially reverse....But its in the red channel now. The green channel has broken, and market may go up to retest the bottom of the green channel...But currently its a sell on rise market till its not....For those who are/have become forced to be long term holders, you can start accumulating in bits and pieces as markets are designed to go up unless something cataclysmic takes place....Indian markets are still overvalued.....DIIs and retailers don't have the strength to propel the market higher, and are just being liquidity for FIIs.....FIIs may return at some point, but one or 2 things have to happen....Valuation should be cheaper for fresh buying and/or Nirmala Thaai should do something about STT and LTCG (which I highly doubt)....For those who are long only strategies, it will take a while for markets to form a bottom and reverse, markets could also remain flat for a long time to form a strong base.....
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.