"As for now, lets look at the levels of 5166 and 5290 on closing basis. Both are critical resistance zones. If 5166 is not crossed, then we might again see 4950-4980 immediately. Above 5170, we should move towards 5290....One can refer to the ppt for charting details......"
This was written in my last post. What we have seen since then is that NF made a double top at 5168 on consecutive days and fell 100 points from the top. Though Nifty has fallen, many stocks within and outside the index actually scaled to new highs. RIL-RNRL deal really didnot come up with anything as thought earlier.
So far we have observed that everytime Nifty takes support at the inclining trendline whose origination point is in March 2009. Currently,
1. The 34EMA is at 4945 odd levels and there is a difference of 120 between the CMP of Nifty future and 34 EMA.
2. Refer to the "Mirror Image" ppt, we have come down from the 3rd line from top (blue line) and might take support at the 4th line from top (orange line) which is at 4930-45 region.
3. Again refer to the chart below, we have hit the resistance line A-B-C (red line) before falling down and the support lies on the line 1-2-3 (blue line). This support lies around 4945 as well.
So, combining the above equations, we might just well fall down towards 4940-4970 zone before the panic buying sets in. Please note that, if NF moves above 5090 and subsequently above 5122, the above equation might get void and we might move towards 5270 region...
This was written in my last post. What we have seen since then is that NF made a double top at 5168 on consecutive days and fell 100 points from the top. Though Nifty has fallen, many stocks within and outside the index actually scaled to new highs. RIL-RNRL deal really didnot come up with anything as thought earlier.
So far we have observed that everytime Nifty takes support at the inclining trendline whose origination point is in March 2009. Currently,
1. The 34EMA is at 4945 odd levels and there is a difference of 120 between the CMP of Nifty future and 34 EMA.
2. Refer to the "Mirror Image" ppt, we have come down from the 3rd line from top (blue line) and might take support at the 4th line from top (orange line) which is at 4930-45 region.
3. Again refer to the chart below, we have hit the resistance line A-B-C (red line) before falling down and the support lies on the line 1-2-3 (blue line). This support lies around 4945 as well.
So, combining the above equations, we might just well fall down towards 4940-4970 zone before the panic buying sets in. Please note that, if NF moves above 5090 and subsequently above 5122, the above equation might get void and we might move towards 5270 region...
1 comment:
sapta should we stop thinking about hindalco put
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