NIFTY Weekend Update
- 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.
Dear San,
ReplyDeleteThanks for the charts.
Even the charts are also showing more upside than the down one from here.The last two charts are also showing it very clear cut.I wont be surprise if Nifty shall went up to 5435,which,probably would be top for the month is one feeling,at this moment.The option data,at present,also does not show any maturity for immediate fall from here.Trading below 5255 this month,would be the first sign of any concrete weakness if there shall be any, is my understanding.Let us see...