Nifty i was expecting a slow and grinding move to 8350 but today we had witnessed a massive fall even greater then the Wednesday(09-11-2016). Today's close was lower then the wednesday, along with huge selling by FIIs.
Nifty faster retracment
On daily charts 8230 is the 61.8% retracment of total up move in last 2 days and 78.6% retracment is 8129. Nifty can find support anywhere in this range. Meanwhile 200 daily SMA is 8122.
But big picture on weekly charts is more dangerous. Technical targets of the break down on Nifty charts come around 7600. However 31.8% retracment of the big move from 6825 to 8968 is 8150 and then 50% retracment is 7897. 8153 is also the 89 week SMA .
I am expecting Nifty to find an intermediate bottom in the range of 8150 and 8230. But if Nifty breaks 8150 then next support will come another 150 points at 8000 which is 09-11-2016 low.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do not trade in Nifty Futures.
\
Nifty faster retracment
On daily charts 8230 is the 61.8% retracment of total up move in last 2 days and 78.6% retracment is 8129. Nifty can find support anywhere in this range. Meanwhile 200 daily SMA is 8122.
But big picture on weekly charts is more dangerous. Technical targets of the break down on Nifty charts come around 7600. However 31.8% retracment of the big move from 6825 to 8968 is 8150 and then 50% retracment is 7897. 8153 is also the 89 week SMA .
I am expecting Nifty to find an intermediate bottom in the range of 8150 and 8230. But if Nifty breaks 8150 then next support will come another 150 points at 8000 which is 09-11-2016 low.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do not trade in Nifty Futures.
\
Well explained.... me too agree with your view.
ReplyDeleteSharekhan stopped their commodity service, otherwise tt is the best software..