*No good time for Investment now, don't add equities in your portfolio, the markets are likely to correct 4-5% in the coming month from current levels*

A major correction has been ruled out for now, 15900 is the support for nifty and 35000 for BNF for the investment purpose.

👉Major reasons for the correction-

° Low volume- The current month rally has the least volume almost in the major stocks and Nifty-BNF.

° FIIs have stayed away form this rally. No major buying. (They were only long in the stocks futures, so they might square off the futures stock positions in coming days, as they are holding it from past 2 months around 34500-35000 levels)

°Technical Analysis-

BankNifty _*Daily chart*_ structure is over stretched and near the *resistance 16600-16800 Nifty & Banknifty 37000-37500 levels,*
RSI(14) around 70 in a sideways secondary trend suggests resistance, Supertrend(14,6) acts as the resistance for the current rally, Ichimoku Cloud suggests abnormal movement to this rally. BNF near 200DMA, and no major crossover or mean reversion has taken place, so a chance of correction is high.

° The prices are far from the 17June rally's trend line, here a mean reversion around 35500-35300 may be possible.

👉 The major correction may fail to,

°if the BNF consolidated above 35200 levels and Nifty above 16100 for atleast 2 weeks.

*The prices may move upside a bit from here as the current rally may throttle the Excitement of retailers and then correct around the mentioned levels*


If the market holds these levels then only we can opt for Investments, so wait for the right opportunity to time a better entry.