Avoid Emotional trading. Avoid revenge Trading.
Nifty fell from 12440 to 9600 level.
Yesterday it broken long term support trendline and closed below it.
Intensity of selloff indicating that, this pain likely to continue further.
Range for the day rose up to 700-800 points in nifty 2000-2500 points in sensex.
Very wild moves, average trader hard to trade.
Below 9700, nifyy next crucial retracement levels are 8700 and below that 7500 level.
Sgx nifty already trading near 8800 Level.
Secure capital first, without it trader can not do anything.
Normally , average trader takes blind trades in this kind of market. Avoid it. Stay away from market and wait for good opportunity, otherwise, capital loss in the form of stoplosses.
Avoid revenge trading. Its hard to stop falling market single handedly. Wait till negative sentiment to erode and wait some time for normalcy in markets.
In 2009 bull phase begun around 2550 level and top made around 12440.
38% retracement level already broken.
50% retracement at 7500.
We shall see whether this panic selling stops at 7500 or not.
Best thing to do in this scenario is, PROTECT REMAINING CAPITAL.