Skip to main content
We said that if Nifty fails to trade above 5240 and remains below 5220 levels then it will fall down below 5200 at 5160-70 levels. Yesterday, Nifty opened higher but after testing days high at 5246 levels, it could not maintained the momentum  as a result it slipped down below 5200 marks at day’s low at 5190 levels. At the end, Nifty closed with 30 points loss at 5197 levels.

On daily chart, Nifty has formed another bearish candle with higher upper tail indicating selling pressure on higher levels. This indicates further weakness in the trend. In case, if Nifty fails to hold above 5220 and remains below 5200 then weakness will persist further. In that case, Nifty will see fall around 5160-70 levels as we said before. On the other hand, if Nifty manages to hold and sustain above 5200 levels then it will lead pullback at 5230 levels.

(Over all…. The bias seems to be negative as long as Nifty remains below 5300 levels which is acting as important resistance levels as falling gap area. In that case, Nifty’s possibility of testing 5000 mark will remains wide open. )
The level of 5200 will act as trend decider level for the day. A sustainable move above this level will lead rise in Nifty. However, failure to trade above this level will lead fall around 5160-70 levels.

Support           :-      1)  5170   2)  5140
Resistance      :-      1)  5230   2)  5270


Popular posts from this blog

Nifty retraced 80% of previous move....Now 6080,6180 remains watchable levels....strong possibility to hit 6335 again but that could be the end.....

In previous article (published on Nov. 2010. Feb 2011) we said about downward large “C” wave.

Further we said that it could be a triple combination (Published on 18th Jan 2012, as long term view). In that article, we said that Nifty will hit 3800-4200 levels in case of Triple combination but in case of D’ble combination it will end nearby 4400 levels. After that Nifty witnessed 28% fall (58 trading week) up to 4531 levels from the top of 6335 levels and again rebounded at 6000 levels ( rule of D’ble combination, See below “Long term view” chart).

As per proportion of D’ble combination, Nifty achieved “at least 80%” retracement of previous move which comes at 5970 levels and still showing strength ( Remember, D’ble combination always retraces “at least “ 80% of previous move and maximum it can retrace 101% of previous move as per rule. Means, there is strong possibility that Nifty may test 6335 levels in coming session but that could be an end of “B” of large “c” wave or any wave)
In 28…

EURJPY IS TRADING IN RANGE IN BETWEEN 133.200 TO 130.9......Main trend is negative as per daily char