The current range in nifty is decreasing gradually and yet to give the confirmatory movement on either side after witnessing a mild correction on the upside against the downtrend on hourly. Sideways move had resulted into cluster of supports as well as resistances on either side, before any decisive movement on shorter time frame.
Supports: 4775 and 4750/52 are immediate, below that some more weakness can show 4705/08 before final breakdown. Below that 4640 and positional target of 4540-4440.
Resistances: 4805 and above that 4835 possible. Above that 4855-75 can come.Further violation of 4880 zone can bring 4920-4940/55 zone and decide next movements.
All in One chart :)
ReplyDeleteHave a good day.
Regards
A very good day to you too.
ReplyDeleteYou have posted - below "5080" 2 cases are possible...some time ago..
ReplyDeleteWhat's your view now? Please post your views.
Thanks in advance.
Regards
Is 4835 is a "shaky" area? if so where the lower trendline holds? as per your bar chart..
ReplyDeleteI am in short side.... what should be my SL?
Can u guide me if time permits.. Thanks in advance.
Regards
Actually as I a talking about the upside correction against the downfall... so on the short term chart it's prone to take support.. "4775 and 4750/52 are immediate, below that some more weakness can show 4705/08 before final breakdown."
ReplyDeleteSupports are more prone to work rather resistance... but this view strictly for Intraday.
Thank u :)
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Welcome maam :).
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