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 chartreader.co.in). 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!
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!
Hi satyam
ReplyDeleteGreat going !!
3940/63 level is very crucial as u said but we need to watch out for the good reversal signals as the volumes are high in down fall. I am hoping that there will be an extension. Let’s see what happens.
Hi Doji,
ReplyDeleteThanks for the comment and sorry for the late reply. Market broke the 3637 and bounced which was outta my clue :). Though somehow it seems that 4040 on cards. Lets see how it fox us now :D
Satyam.