Nifty is close to Bottom!!!

In my view Nifty is close to Bottom around 23K or we are headed for a structural bear market with targets of 18K or so.....and I don't believe the second is possible given that we are in good shape as an economy.

My hypothesis - dooms day isn't around:

- at around 23200 there is a double bottom pattern and markets could rebound from here

- In my view there is a head shoulder pattern visible on Nifty and the neck line is around 23K and if this is broken then the downside is all the way down to sub 20K - which is a doom's day scenario and that won't happen

- Like I mentioned before very bullish on RIL and IT sector to ensure we don't go into dooms day!!

Fingers crossed and I think its time to start deploying if you are in cash!!