Because Nifty has come down to the levels where Bulls need to show conviction.
In Bull market - Bulls buy the dips when the market comes down to an important support level. Nifty has come down to a level near 7920-7930 which it has held since 26th May 2016.
The Big question: Will Nifty hold this level or sink below it? Ideally, it should hold but if for whatever reason - Nifty sinks below 7920 - then expect some short-term panic in the market. What do I expect - The benefit of doubt should go to bulls for time being till market says otherwise
I covered Nifty last time around on Dec 14 titled: Why Nifty will find support around 7930?
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers