Nifty Pullback Started

By | January 12, 2011

And it happened again When all Street was short and the surprise rally in spite of a pathetic IIP number which came in middle of afternoon.

Let see technically what happened:

  • Market was crashing like a pack of cards from past 6 days.
  • FII sold just 3000 cores and people got fearful on the way down.
  • Market always move in direction which cause maximum trouble to a short term trader.

Nifty made a triple bottom at 5700 level  as shown in chart and showed a pull back from the lows and  rallied till 5865. Tomorrow is Infosys result at 9 AM and it will decide the further tone of market.But i would request all not to Short market now.

Levels on upside which needs to be watched.

I have taken the Fibo Retracement from high of 6181 to low of 5690 and see the levels coming

First Resistance is 38.2% @5882  — Should be Crossed at opening itself

Second Resistance is 50%@ 5938 — Tough resistance to Crack

Pivot fo Nifty Stocks– http://www.brameshtechanalysis.com/index.php/nifty-auto-update-pivot-points/nifty-pivot-points/

Caramilla for Nifty Stockshttp://www.brameshtechanalysis.com/index.php/nifty-auto-update-pivot-points/nifty-camarilla-pivot-points/

2 thoughts on “Nifty Pullback Started

  1. bramesh Post author

    Hi Prem Ji,

    It is always useful to keep more than 1 system while trading.

    Your Logic of PP is quiet right but i have also written about SL and when to reverse the position once it starts going against your trade.

    I know taking loss is difficlut for anyone but to survive in this business you need to do the same.

    Please use 5 EMA High Low and Close of BN also before trading .

    I would tell you to follow http://bankniftyrtcharts.blogspot.com/ Link to strengthen your trading.

    rgds,
    Bramesh

  2. MR.PREM

    Respected Brahmeshji,First i want to WISH U AND THE MEMBERS /VISITORS OF THIS WONDERFUL SITE A VERY HAPPY NEW YEAR.Sirji i m a follower of all your Technical Advices given thro this website.In Pivot point Tradin article you have stated that if the Stock trades above the PP for about half to one hour it is a buy and one should not think beyond it.Sir today 13/1/2011 Bank Nifty opened above the PP and was above for nearly upto 11.55 hour, nearly 2 hours aftr open,but unfortunately it went down unlike previous 2 days wn tho it traded above PP bt wnt down and dn late session it again bcame +ve. So wt was d problem and wt shd one do to avoid todays situation. Pleas give your Expert guidance.Thanks a lot.Mr.Prem

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