Posting a weekly chart which made me think a little. Take a look. Here i have incorporated 4 EMAs (5,8,13,21, I generally use Fibonacci ma). On weekly chart it has consistently performed in a subsequent way in terms of giving support to nifty, while last time fell up to 3909, 21weekly EMA provided support. On this occasion it around 4560. And some data aberration on EoD chart showing 5284 is being converged from various angles (on last post also i showed it on first chart). The offset Fib rt up to 5284 making 23.6 of the move converged with 21ema. So can we conclude 4550 holds the key now to this bull move, and 5230-5284 can be a top??? Comments will be appreciated.
Thanks Satyamsit for a good analysis. I feel 5111 being the lower high of October (5152 and 5175) being the other two higher highs can be used as entry point for long position with strict s/l of 5070 for any move up to 5284. The pricing of index is certainly giving vertigo now until and unless companies do not perform out of their skins (40% growth) in Q3.
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