The 14-day (the period from 30-Nov-2021 to 17-Dec-2021) low for the Sensex is 56687.62 made on 06-Dec-2021,
the similar low for the BANKNIFTY is 35526.35 made on 30-Nov-2021.
Compare these lows with the lows made on Friday 17-Dec-2021 - 56950.98 & 35535.05.
The point here is that pricewise, the markets have not gone virtually anywhere in the last 14 trading days – what we have seen is a very volatile time correction.
This time correction has followed the price-correction that we saw post the All-Time High levels in October 2021.
In the last 14 days or so, I have always maintained a 'buy the fall'/ 'hold' / 'stay away' advise depending on your risk appetite/holding capacity. I continue with a same view, subject to the recent lows of 56383/16783/35328 not breaking on a closing basis.
It is highly probable that we may see a double bottom formation around the recent lows from where we could rally afresh. It is too-early to talk about upside-targets / resistance levels - we first need to see a bottoming out near to the recent lows.
20 Dec 21
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