Hi all! So Nifty really could not cross 4614-4624 and we witnessed a consistent down move right from beginning in today's session. And bears really turned the table in their favor when it broke down 4510 level convincingly and take down the 4450 also to indicate and initiate a reversal for the time being. At the end of the day it faced some heavy volume selling while midcaps were just crumbling at that point. From a short term perspective Nifty looks weak. I hope my readers would have surely taken proper measures with their longs while we discussed about the critical resistance zone 4638-48 (high made 4643). On 4th of June I discussed about the support area for Nifty Future, and we made a high on the very next day. The support at that time was around 4366 level (please check the link), projection made with MA and fib projections. Price movement changed from there in the due course and same happened with it's MA, but the support has changed little. Let's a take a look...
On 15 minute chart...
So now the main supports would be @ 4380/70 (this can be very crucial) to 4345 level. I would like to book the shorts for once.
On the upside crossing of 4435-4440 would target 4480 and 4502-08 respectively.
On 15 minute chart...
So now the main supports would be @ 4380/70 (this can be very crucial) to 4345 level. I would like to book the shorts for once.
On the upside crossing of 4435-4440 would target 4480 and 4502-08 respectively.
Hi Satyam, excellent post as usual :)
ReplyDeleteNot as good as you on predicting support/resistance but, I will be watching ~4360 on lower and ~4455 on higher side for nifty _spot_ for 9th. cheers!
Doji
Hi Doji, thanx a lot for your words of encouragement. The amazing understanding of price patterns and wonderful applications of those, take the upper hand against the support/resistance stuffs. Your approach to any chart is really a learning experience for anybody watching your blog should understand psychological wave creates the patterns and those are most important, beyond any question. Just be what you are. Your blog and studies are such a wonderful experience for me. Though got a confirmation of my levels once more. all the best. :)
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