Nifty Reaching Level Of Significant Resistance & Likely To Plunge Like Stone Soon: Expert

Discussion in 'Must-Read Interviews, Articles & News Items' started by Arjun, Jun 20, 2020.

  1. Arjun

    Arjun Chaprasi Staff Member

    Joined:
    Mar 19, 2015
    Messages:
    54
    Likes Received:
    11
    Peter Brandt, the veteran trader on Wall Street, is regarded as an authority on technical analysis by other experts.

    He has sent the blood-chilling warning that the Nifty is now coasting in a zone of "significant resistance" which it is unlikely to breach.

    This, according to him, is leading to the formation of a "corrective rising wedge", the consequences of which can be disastrous.

    The Nifty is likely to plunge like a stone to the level of 6355, he has warned in a grim tone.



    It is notable that these depths in the Nifty, if reached, will never have been seen by the present generation of punters on Dalal Street and they will be scared witless.

    "The interesting thing about the psychology of trading is that 80% of the people who now say they will back up the truck at $7K will be scared when it gets there and will be sellers instead," Peter Brandt rightly opined.




    Second wave of CoronaVirus spooks Wall Street


    It appears that a second wave of CoronaVirus is coming soon.

    Beijing, which was earlier the nerve center for the Virus, is once again plagued by the scourge.

    As usual, the Chinese vermin are trying to keep the outbreak under wraps though news is filtering out.





    The outbreak is also spreading in the USA.

    Apple announced a re-closure of its shops in the USA as a precautionary measure.



    Exposure to stocks should be Zero: Jeremy Grantham

    Jeremy Grantham, a legendary investor on Wall Street, is renowned for his ability to spot market bubbles and warn investors to stay away.

    He has described the present situation in the stock markets as "fourth major market bubble" that he has spotted in the course of his distinguished career.

    "My confidence is rising quite rapidly that this is, in fact, becoming the fourth 'real McCoy' bubble of my investment career," he told CNBC.

    "It is a rally without precedent," he pointed out.

    He advised investors to slash their exposure to stocks and to even short-sell them, if they have the inclination to do so.

    "I think a good number (of investor exposure to equities) in the US would be zero, and less than zero might not be a bad idea if you can stand that," he advised.
     
Loading...