Excitement is the first & last enemy of traders/investors. Keep a lid on it in this Volatile times.
Nifty on Hourly Chart is moving in the trending channel as shown in above chart and touching the bottom on downward trendline@4800 before giving a 50 point jump in dying hours of trade on Friday. On Upside Nifty will face resistance @4893 and above it 4932 the gap formed on Friday gap down. Break of 4793 will open the gate till 4500
Support are Like Spring Board Bounces are quiet fast rapid and Furious as seen on Friday.
Now As per Chart there are 2 Possibility
1. Break of 4893 Will let to Eventual Fulfillment of Gap at 4932.
2. Break of 4793 will lead to 4579 Level.
Nifty Fibo with Projection
Nifty Fibo with Retracement
Weekly chart has shown the Breakdown with Formation of Bearish Engulfing pattern and has open gate for 4692 and 4538 on Downside.
Indicators are Oversold but If Trending Markets Indicators will remain Oversold and Overbought only but prolonged period of time.
Nifty Weekly Fibo
Monthly Chart has been ruptured out of shape with a fall of 11.6% till date with 6 more trading days left. Can it extend more Yes it Can Looking at the way Stocks are falling Fall can continue with capitulation level still not seen in Indian markets.
Trader should never try to predict the Tops and Bottom as it Happens Only “one day” rest day its trend which continues
Has the Bottom been Made ?
The Million Dollar Question Well here are my few cents
200 WSMA (Week Simple Moving Average)@4836 Nifty Closed at 4844 after breaking 4800 and quickly recovering . Break of 200 WSMA will enter us into a Bear Phase which will eventual lead to filling of Elcetion gap below 3900 levels.
If we draw the trendline from High of 6338 it will join the low of 4793 so might be bottom is formed but Lets see if 4793 is sustained next week.
Nifty Trend Deciding Level:4932
Support:4750,4692,4536 and 4538
|Excitement is the first & last enemy of traders/investors. Keep a lid on it.|