Nifty as mentioned in previous post is facing a tough resistance on Monthly and Quarterly charts. This resistance is holding till now.
Read previous post here:
http://marketview123.blogspot.in/2017/09/nifty-resistances-and-supports.html
Now on weekly charts Nifty broke the trend line which it was holding since April-2017. This break down gives potential targets of 9400-9300
On Monthly charts Nifty Today gave close below 5 Month SMA which is as of now is 9781. However for Monthly close there is still 1 day left so lets keep our Fingers crossed.
Now as of now Nifty today made a low of 9687 which is very close to August lows of 9685. So for Momentum to be positive, first we need a daily close above 9815 and then a Weekly close above 9950 only then we can say the low is in place and we are ready for new highs again.
And if we failed to sustain the 9685 we can loose another 200 points very quickly.
Today only talk no charts as still tired from long journey. Detailed charts will post on Sunday.
Disclosure: I am not a SEBI certified analyst. Further i do not hold any position in Nifty Futures but hold some options.
Read previous post here:
http://marketview123.blogspot.in/2017/09/nifty-resistances-and-supports.html
Now on weekly charts Nifty broke the trend line which it was holding since April-2017. This break down gives potential targets of 9400-9300
On Monthly charts Nifty Today gave close below 5 Month SMA which is as of now is 9781. However for Monthly close there is still 1 day left so lets keep our Fingers crossed.
Now as of now Nifty today made a low of 9687 which is very close to August lows of 9685. So for Momentum to be positive, first we need a daily close above 9815 and then a Weekly close above 9950 only then we can say the low is in place and we are ready for new highs again.
And if we failed to sustain the 9685 we can loose another 200 points very quickly.
Today only talk no charts as still tired from long journey. Detailed charts will post on Sunday.
Disclosure: I am not a SEBI certified analyst. Further i do not hold any position in Nifty Futures but hold some options.
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