November 5, 2011

  • Nifty is at a place from were it can either give a very bullish weekly breakout or it can breakdown for a big correction.
  • Will the big fall start from here? It can happen but for me the preferred level is form 5400 - 5450 level. which is in between 61.8% to 78.6% for the last fall.
  • Now can it give a big breakout? It can and the only way nifty is going to clear these major resistance levels is by skipping them with a GAP up and staying above the GAP for higher targets. If its going to be an intraday attempt to breakout above these resistance levels it may not sustain.
  • For those who follow moving average the main ones to look out at this level is 200 SMA, 5 Day Low EMA, and for confirmation 20 Day SMA.


All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.


Blog Archive

Powered by Blogger.

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