- Nifty's weekly chart shows price back into the channel consolidation it was trading in Before the breakout took place.
- Price has taken support at the bottom of the channel. Big correction may be seen if this trend line gets broken.
- For bulls the big movement is based on 200 dma. If price sustains above 200 dma we can see levels of 5700 and 5900 on screen again.
hi san gm...as per ur charts and my understanding and info...think we will stop at approx 5700 lvls before coming down...seems like we will top out in the next week gor this rally...comments invited..
ReplyDeletejohnson
@wormwood34
ReplyDeleteThe resistance line comes around 5700 so we can expect a correction from there. But break and close above the resistance line will be very bullish.
on march 4 nifty 5600 calls added 22 lakh in open interest with price hardly increasing or going down by 2 point? isn't it means that now 5600 would a greater resistance for nifty to break? just a question...
ReplyDeleteThe third chart of Nifty shows the symmetry of the down move and is a mirror image at 5660 levels i.e. between the two channels.Friday we were resisted at the channel top.If 5690 is not broken on the upside we will move downwards below fridays bottom.
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