The Nifty 50 has fallen over the last several days to pull back toward support, mainly around the ₹17,000 level- trading forextrading
market in general. Remember, India outperformed everybody else after the pandemic started to turn the corner, so it’s possible that the Nifty 50 will outperform other indices going forward, especially if we can see some type of signs of strength in the global economy.It’s also worth noting that the Indian rupee has been weak as of late, so that does help the idea of exports, and of course other service-related industries that India is so well known for.
On the other hand, if we turn around and break down below the recent swing low, which is ostensibly where the 200-Day EMA currently resides, then it would be a very negative turn of events because it would not only break down below that 200-Day EMA, but it would also form a larger “M pattern” or confirm some type of double top.
It is a bit early to suggest that, but it is something that would become decided if we break down below that level, and it would more likely than not end up sending the Nifty 50 down to the ₹10,000 level over the longer term, with a bit of attention paid closely to the ₹12,000 level, an area that previously had been important.
Either way, I think you have to look at this through the prism of a potential “buy on the debt market”, as it has outperformed so many of its peers around the world over the last couple of years.
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