Here are few reasons
1. In Bull market - Traders buy the dip at support.
2. Supports can be broken but as long as they are not - they become the area to BUY
3. There is no Global panic in the world atleast for now
4. Never get consumed by bearish newsflow. In Bull market - Markets climb Wall of Worry
5. Nobody knows the future and it never hurts to bet on the existing trend
Here's Nifty standing on a solid Line of Support -
As long as Nifty holds this level of 9650-9680 on closing basis - Bulls have nothing to worry and it's quite possible that Nifty might go back to 10000 levels.
Having said all the above - If on closing basis - Nifty breaks the support then yes short side floodgates will open and it can create some short term panic. In financial market - Never say never for any scenario. Anything can happen. All you can do - Pick a strategy in favor of prevailing trend and Be Vigilant.
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