23500-> 21750 -> 23500 -> 21750

We are going to 21750 from here. Q3 results across the board are going to be in line at best but not beat on upside. We are going to test 21750 which is the next lower support by Jan end. Then there will be a reversal till 23500 by Feb end. This was the reversal point for fall from 26000 and is also the current level. Previous support acts as first resistance during first pullback and the lower support point is always retested once at least. So again from 23500 at Feb end we will be back to 21750 by March end. Loss booking which is done by institutions during March will also play a part in this. So essentially it is going to be a downward trending zig zag market for 3 months. Mid caps and small caps going to go into major oversold territory. Be ready for more drawdown or sell now itself.