Is a significant market correction on the cards? Rohit Srivastava answers
«I will not rule out something bigger at this point of time. It does look, at least looking at Bank Nifty that there could be further weakness. So, we are keeping our odds open for a further correction on the downside,» says Rohit Srivastava, Founder, Strike Money Analytics.
We have finally snapped the 14-day gaining streak that we have been seeing. Does Nifty charts indicate any more downside from here on level or this is just a temporary blip that we are looking at?
Rohit Srivastava: So, my thought is that the Nifty is sort of done with this move for the time being. September typically brings in some volatility into markets and you also have the US election season which creates a lot of noise as well.
So, this is going to be a slightly more difficult period. We are going to try and judge whether this just ends up being a one- to two-day correction or something a little bigger.
I will not rule out something bigger at this point of time. It does look, at least looking at Bank Nifty that there could be further weakness. So, we are keeping our odds open for a further correction on the downside.
If there is a possibility for further correction. What could be the level on the downside? Is there a floor that you have in mind? Can 25,000 be broken in a quick fashion?
Rohit Srivastava: So, it is possible. I am right now not saying it is a certainty, the next two-three days may put a further clarity on that whether we are going to break 25,000 or go much lower than that.
The next meaningful support actually comes in
