October 4, 2011

NIFTY Rounding Top

CHART-III
  • NIFTY broke 4758 and took support @ 4728. Bulls need to sustain above 4822 levels for an up move to happen.
CHART-II
  • Break below 4822 gave good down move. Next level for bears to break below is 4758
CHART-I
  • Possible rounding Top formation in Nifty spot hourly charts.
  • Both bullish and bearish possibilities exist at this point of time.
  • Closing above 4910 will favor bulls.
  • Break below 4822 may give further correction in favor of bears.

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