Since the lows of 24th January, I had maintained the view that below 17500, the markets are at the risk of touching the December 2021 lows & that conservative traders should stay away from Index longs till the markets close above 17500/17520 levels for 2 days in a row.
For the first 2 days out of the last 3 days, the markets did close substantially above 17500 and then corrected yesterday to still close above 17500.
In a sense, with yesterday's fall the markets have recalibrated themselves for bigger targets in the days to come. We added NIFTY longs at the fag end of yesterday's session.
4 Feb 22
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