Nifty Will it give a Bounce?

By | May 18, 2011

Nifty Daily Chart

As said in previous Post Nifty is looking weak technically as unable to retrace 38.2% of its fall and Break of 5471 will make it correct furthur.

Charts discount everything and SBI results proved a Reason for Breakdown

How Long can this fall continue?

IF we draw the trendline from Low of 4200 we can see Support coming at 5365 levels.Nifty should halt its fall near this level and we can see a sharp and swift short covering rally offing as Indicators are oversold.

 

 

Nifty Hourly Chart

On Hourly charts again we see a breakdown as soon as 5471 got broken Nifty Moved quickly till 5421.

Support will become Resistance now so watch out closely for 5470 and 5509 for todays trade.

 

Levels to Watch

Trend Decider:5462

Resistance:5470,5509

Support:5421,5398 and 5365

 

Mentioned Levels are Spot Levels.

 

2 thoughts on “Nifty Will it give a Bounce?

  1. Bramesh Post author

    Hi Sir,

    Please keep a SL on NIfty Spot closing above 5462.

    I would advise you do not trade in naked options and Please trade with a trading system to earn money consistently in market.

    Rgds,
    Bramesh

  2. abhishek

    Hi Sir,

    I have 5400 PE @43 now can u pls suggest the Sl for the same …
    and IF SL hit should I go Long in Nifty or wait for Coonsecutive days closing

Leave a Reply