On 23 Jan well before the budget day when LTCG news hit the market. That we can go down to 10600 and in worst case 10250. Till now we are hovering around that level.
Read the full blog on the below link:
On 19 Feb i posted this that we will test range of 10100-10000 and we tested 10141 on 7 March that time 200 day SMA was 10135, so almost test of 200 day SMA.
Read the full blog on the below link:Nifty what lies ahead
Now coming to the current position. From 19 Feb we are moving in a downward slopping channel and lower end of that channel is now very near to 10000. Previous lows around 10141 was not only 200 day SMA but it was also 23.6 % retracement of the move from 6825 to 11171.
So below 10145 the next logical supports will be
1. Level of 10000 lower end of downward slopping channel shown by red lines.
2. Level of 9916 which is 38.2% retracement of move from 7893 to 11171.
But if this range of 9900-10000 is broken then what next
1. Level of 9700 which is the target of that channel break down.
2. May be 9500 which is 50% retracement of move from 7893 to 11171 and 38.2% reatracement of move from 6825 to 11171.
Remember these are just probabilities. Till this range of 9900-10100 holding, i am bullish on this market and buy on all dips.
Rest Market is Supreme.
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.
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