In reference to my last article dated 4th Sep 2015 with Caption Darrna Mana Hai Abhi we are just close to my worst case bottom level of 7229/7230 for Nifty.
I strongly feel that Market is likely to rebound from these level. One more important thing to notice is the Sensex which is also close to the critical level of 24217. So what comes first...Nifty 7229/7230 or Sensex 24217 for a big reversal.
Why i think it to be a reversal point?
Because Nifty below 7229/7230+- gets much much weaker where on the downside it finds support around 6782/6694 which is big 450-540 points down under....Similarly for Sensex below 24217 it finds support around 22688/22403 which is good 1500-1800 points down under.
So before getting that ugly market will give a chance to itself to get better.
Nifty PE has also come down to 20.12 as of today so hope for the best now :)
Its just an personal assumption.
Levels are on closing basis.
