Axis Securities suggests that if Nifty crosses and sustains above the 19,200 level, it could witness buying, propelling the index towards 19,300-19,400 levels; if it breaks below 18,900 level, it could witness selling, pushing it towards 18,750-18,600.
“For buy-call, I have a recommendation on CanFin Homes. The overall structure is looking very positive. A move above Rs 760 can move it towards the level of 785-790 also. Second recommendation would be a sell on JSW Steel. It is a clear case of a failed breakout. One can sell JSW Steel for target price of Rs 705. ”
So for now, we have advised our clients that one needs to be cautious here. There can be a bounce back one cannot rule out that. But it will be more of a bounce back. But this current level of downside, I think it will continue towards 19000-19200.