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.

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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