Thursday, June 18, 2009


This is the chart which was posted on 15Th while posting my views for 16Th of June, where I stated, "Below 4480, Nifty will be weaker and target 4437-30 level, which can be crucial, breaking that will bring further weakness up to 4385 and 4330-25, Which will be a trend decider for intermediate term movements." And next movement was like...

We have tested exactly 4325 zone today, and more over its converging with the 61.8RT of the entire 4090-4703 movements, thus providing it a bigger significance Now look at one thing, I have drawn a dotted vertical line at our first projection at 4430, where we got the extreme projection of 4430-25 as well on the same day, converging with the lower support of the expanding triangle (detailed explanation here). Now my question is as we have reached the extreme target today, while it was projected earlier, is this any sign of exhaustion on the bear's part? And a trendline support on daily..

So, no doubt here lies some big bulls who can and who should give some push up to nifty tomorrow, at least for sometime, further momentum will be judged from the early movements. So, whether we break it or not, 4330-20 is the place where I wish to book some shorts and wait for the decisive move. Of course will look forward to bigger shorts when we break 4320 decisively.

So for the coming session,
Support: 4330-25 is all important and big. A decisive break below that would initiate breakdown and will bring 4255/46-4189 and further lower lower levels.
Resistances: 4388/96-4430/38 . Above 4430/38 odd zone bulls will get momentum again.

As of the keep eyes wide open on 4320. Safe trading....Happy trading :)
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