Sunday, July 12, 2009

NIFTY VIEW FOR 13-07-2009

So the sudden sell-off on Friday last half brought the support below 4017 discussed on earlier posts. Nifty never crossed 4132 level and reversed and continued it's fall after posting a high @ 4129. Broken down the morning low 4055 (support given @ 4055) and could not sustain the previous pivot low and steep fall brought the next level of support 3958/40 (low made 3962). Now the big Q is whether we can sustain that 3940 level or not. A decisive break below 3937 will gradually bring 3875-3820-3753 and finally 3620/15-3597 zone. A ABC correction as per Elliot count is indicating towards 3937 as a BC=AB formation. And a ABCD pattern with it's ideal characteristics is also on the card. Though I am not a expert of pattern but still trying to learn it (a special thanks to Doji of So I am seeking comments on the pattern I am posting today. So for the coming session on tomorrow: Supports: 3954-3937/40 is important. And the formation of ABCD is making it even interesting. As we have closed above after hitting a low at 3962, very intermediate supports will be at 3984 & 3970. Below that it can again target 3954-3940/37 levels. Below that 3875-3820-3753 and finally 3620/15-3597 zone will appear positionally. Resistance: It's a tough job for Monday. As we are not even showing any correction formation, nifty can become quite a volatile creature in the first 10 odd minutes. but crossing of 4000 can bring 4018, and above that 4029-4040-4057 is possible. But it's really looking like a tough job to pin point Monday's upmove.

NOTE: Comments are welcome on pattern posted. Thank you all!
Bookmark and Share


Post a Comment