Is it the beginning of correction in Sensex?
Yesterday, we saw correction in Sensex with huge volume. Nothing new. It happens from time to time in Bull market. But looking at technical chart of Sensex using Ichimoku indicator shows different picture altogether.
The sensex closes below Kijun-Sen level resulting in first signal of correction. Also, tenkan-sen crosses kijun-sen line further confirming the sell signal. So, you can expect some correction in the market in coming days.
Coming to levels of support, the first level of support is at 19,000 and next level support, shown by chikou span line is at around 18,000. Place your strict stop-loss and try to exit from profit making shares now.
Another strategy can be, buy more shares or mutual fund units in correction phase, if you're a long-term investor. This will average your purchase price and you'll get more assets in your portfolio.
If you've any doubts on this topic, mention your query in comments section below.
Subscribe Updates, Its FREE!