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As per momentum oscillators, the market has entered deeply oversold levels, at which, fresh shorts are not suggested as the risk-reward would not be favourable, Manav Chopra, CMT, Head of Research, Indiabulls Ventures tells Moneycontrol’s Kshitij Anand. Edited excerpts:
The Nifty 50 seems to be in the bear grip. It also marked the sixth weekly decline on charts. Is it time to go short on the index? If yes, what will be the target and stop loss which one should keep in mind?
As per momentum oscillators, the market has entered deeply oversold levels, at these levels fresh shorts are not suggested as the risk-reward would not be favourable right now.
The levels of 10,150-10,200 might act as a cushion on further declines. If the market faces any support at these levels we may witness a relief rally up to 10,500-10,600 levels.
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