IS IT RIGHT TIME TO ENTER INTO MARKET ? NIFTY UPDATE 24.06.22

 Nifty 50, on Thursday sharp bounce back from lower level that looks likely to reinforce bulls hand again. But it is only a short-term relief rally. Apart from the auto sector, other sectors' stocks were not participating in the market while recovering from low. Now, the Nifty is trading around 15,680 levels.  As i said that this short- term rally will not sustain long enough because of investors' worst sentiment. 

Is this a short-term rally?

• Three reason has made this pull back those are:

• The market participants had to close their F&O positions and also switch over to the next leg. 

• The Nifty has tested the 52 week low of 15,200 which acted likely to strong support. Therefore, short covering happened there. 

• The Technical indicator of RSI has been shown oversold and the Global market has blinked green for a couple of days

Where will head the Nifty?

Here it is taking a position that would not make sense. The traders should view this scenario  from an Investors perspective. The near term resistance is 15,700 when the market goes closer to that level  investor who  might off load their holdings. Probably, the Nifty may hit another one bottom. Moreover, As I specified above, all reason is diluted right now. In my sense, the current will continue until t he Q2 corporate results come out.