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Indian Stocks Fall 12% in One Day: "Too much downside momentum"

by Chris Carolan
Updated: March 24, 2020

On March 23, India's S&P Nifty stock index collapsed. Before the Asian-Pacific Markets opened that day, our Asian-Pacific Short Term Update posted this chart and comment for subscribers...


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[India -- Nifty Composite Index]

The Nifty bounced on Friday. It is important now not to be swayed by short-term countertrend moves. The weekly Jurik RSX shows a near-vertical drop. There is just too much downside momentum to look for a bullish opportunity here. It is more likely that bottom pickers will regret their attempts.

Will Indian stocks find their own path?

As of this writing, India has remarkably few confirmed cases of COVID-19. Yet, Indian stocks have collapsed 40%, much like most global stock markets.

"Will the low coronavirus case count save Indian stocks?"

From an Elliott wave perspective, this is a wrong question to ask. The fact that Indian investors have been selling despite a low case count underscores the point we've made for decades: Namely, investors don't make decisions based on cold, hard facts. They act on fear and greed. And fear has clearly been in control.

With Elliott waves, you can forecast with remarkable precision when investor psychology might shift into bullish mode again. Our services can guide you right now.

If you're looking for day-to-day guidance, our Asian-Pacific Short Term Update has you covered.

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It covers key markets including Nikkei 225, ASX200, Hang Seng, Shanghai Composite, S&P Nifty, SENSEX, Straits Times Index, MSCI Singapore, MSCI Taiwan, TAIEX, KOSPI and more.

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Asian-Pacific Financial Forecast Service is our primary service covering key markets including the Nikkei 225, ASX200, Hang Seng, Shanghai Composite, S&P Nifty, SENSEX, Straits Times Index, MSCI Singapore, MSCI Taiwan, TAIEX and KOSPI.

Comprises the Asian-Pacific Financial Forecast, Asian-Pacific Short Term Update and Elliott Wave Theorist.

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