August 28, 2011

  • Numbers to lookout for next week are 1121 and 1208
  • An early clue may be given by the triangle pattern. Being a triangle one may see whipsaw before the big move happens.
  • Once price crosses 1208 It may target 1250 - 1258 level.
  • If it is below it 1121 then we will see 1101 and if it sustains below 1101 another big move in favor of bears can be seen.

  • Bank Nifty Weekly stochastic shows that the selling may finish by next week.
  • We have a support zone around 8806 level. But after that the Fib level and the next supports are way below near 8300 and 8150 levels.
  • So price should stop falling near 8800 levels. If it goes below this level then the pain for bulls might continue.
  • Look for daily reversal candles. We shall see some strength only above 9200.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore