Supports: Very immediate support would be 5095/85 as shown on the above chart, holding this nifty can again move up. Violation of 5085 can lead it towards 5065/60 from closing and bar chart. 5065 is the hourly closing level with out harming the uptrend. Below 5060, short term weakness can set in which can take it towards 5045-5020 and further lower levels.
Resistances: As long 5060 holds, higher price is expected and 5146-5170 is clearly big zone on the upside. Intra longs can be booked and some shorts can be initiated with very strict stop loss. A decisive move above 5170 will negate all the top out possibilities and can easily bring 5225 and other levels discussed on earlier posts. Will be posted as picture unfolds.
Hi Satyam,
ReplyDeleteOh!!! really great post... I also thought to post this 5th wave picture.. but not getting time.. Anyway, i think what you posted is undoubtedly better than i thought... Good job... carry on...