My last post here on 31st May had given 5060 as the master figure on Nifty Futures. We saw a sharp downfall of 150 points on a single day after that. But then I could not update here but had written something in our Orkut Community "India Stock Market - NSE BSE" on 1st June immediately after the fall.....The following were the lines....
"Now after the completion, the fall should come to 4920-4880, which is the downtrend upper line of the previous fall....From there NF might move all the way to 5080-5100 (with IFs and BUTs depending on certain other factors).....And then again the fall should come, may be, by next week...."
For reference, Orkut members can verify it here....
"Now after the completion, the fall should come to 4920-4880, which is the downtrend upper line of the previous fall....From there NF might move all the way to 5080-5100 (with IFs and BUTs depending on certain other factors).....And then again the fall should come, may be, by next week...."
For reference, Orkut members can verify it here....
http://www.orkut.co.in/Main#CommMsgs?cmm=163277&tid=5230942082622470082&na=4&nst=7172&nid=163277-5230942082622470082-5477773844513333807
The actual lows were 4933 and the highs made last Friday was 5134.9....
Well, past is past....The same question once again? Now what? US has collapsed Friday night. Europe problem is again surfacing. Hungary voicing concerns with multiple opinions.....
Now, as written (one may carefully note the words I mentioned). On 1st June, when I wrote the words, I didnot know that US would collapse on Friday night but had written the words that Nifty would again fall from next week. As it stands now, we are going to see a gap down opening tomorrow morning....The question is how far?
Technically speaking there are 2 immediate parameters to look into.....
The actual lows were 4933 and the highs made last Friday was 5134.9....
Well, past is past....The same question once again? Now what? US has collapsed Friday night. Europe problem is again surfacing. Hungary voicing concerns with multiple opinions.....
Now, as written (one may carefully note the words I mentioned). On 1st June, when I wrote the words, I didnot know that US would collapse on Friday night but had written the words that Nifty would again fall from next week. As it stands now, we are going to see a gap down opening tomorrow morning....The question is how far?
Technically speaking there are 2 immediate parameters to look into.....
1. A big gap left at 5020 on EOD charts. Surely that should be filled up first.
2. If one observes the 30min chart, which I strongly recommended in the last few posts, there is a very strong bearish wave in formation. The wave had completed the 5th point and had closed inline with points 1-3-5. Therefore the 6th bearish leg or the 1-4 diagonal meets at around 4840-4880 zone. Also note the encircled point which I marked on chart. The region shows the throw out which induces people to get into a false belief of breakout, thereby squeezing the shorts in panic. The top point actually could not close above the resistance line and finished just below it. The possible movement path has been sketched for your perusal.
Apart from the above, I am not commenting on anything right now as everything I had written earlier for big trends are still on. I will keep updating as and when each level comes as many of readers have requested for a more frequent updates.
Happy reading and have a wonderful trading week ahead....
Regards.....
[My sincere thanks to all my clients for having shown tremendous patience and trust on me and my team. We will defintely try our best to serve you.
Also my thanks to Mr. Motilal Oswal for personally flying down to Kolkata today to grace the Annual Regional Meet event. My thanks to Mr. Jitendra Panda and Mr. Lokesh Nathani for giving your valuable guidance.]
2. If one observes the 30min chart, which I strongly recommended in the last few posts, there is a very strong bearish wave in formation. The wave had completed the 5th point and had closed inline with points 1-3-5. Therefore the 6th bearish leg or the 1-4 diagonal meets at around 4840-4880 zone. Also note the encircled point which I marked on chart. The region shows the throw out which induces people to get into a false belief of breakout, thereby squeezing the shorts in panic. The top point actually could not close above the resistance line and finished just below it. The possible movement path has been sketched for your perusal.
Apart from the above, I am not commenting on anything right now as everything I had written earlier for big trends are still on. I will keep updating as and when each level comes as many of readers have requested for a more frequent updates.
Happy reading and have a wonderful trading week ahead....
Regards.....
[My sincere thanks to all my clients for having shown tremendous patience and trust on me and my team. We will defintely try our best to serve you.
Also my thanks to Mr. Motilal Oswal for personally flying down to Kolkata today to grace the Annual Regional Meet event. My thanks to Mr. Jitendra Panda and Mr. Lokesh Nathani for giving your valuable guidance.]
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