NIFTY Cracked

Now it is foregone conclusion that interest rates are going to go up and corporate profits will decline in several of the coming quarters. In this back ground it is reasonable to assume that NIFTY will sink to a level of 3600 as per the chart This however this can take 3 to 6 months time to find the level of 3600. At that level of 3600 nifty would have retracted 56% from the top 6367. In the past , in bear phase indices have retracted 56%.