Nifty has been correcting 5 days in a row forming lower lows and as per SGX Nifty we will open around 5020-5030 levels
On daily charts Nifty seems to be doing the repeat 08 July as shown in above chart.
- It touched 200 DMA
- Started Correcting till 50 SMA
- Bounced back again to touch 200 SMA and finally collapsed as unable to breach for second time.
Scenario which has payed till now
- Nifty touched 200 SMA@5400
- Corrected yesterday till 50 SMA@5068
- We need to watch from today how it pans out Will it repeat the History ??
From past 2 days we are falling in last hour of trade as Europe Opens and whole day just consolidating in tight range of 20-30 points.
On Upside Resistance comes at 5093,5120,5133
We have closed at 50% retracement level comes at 5069 and Nifty should be bought above this level if it start trading today above it. 5015 is an important support on downside break of same will lead to 4991-98 range which was an important support before the last rise till 5400.
Buy above 5070 Tgt 5093,5120,5133 and 5158
Sell below 5052 Tgt 5028,5015,4998 and 4961
For Positional traders Risk to Reward for Fresh Shorts is not good so will not advise to take fresh shorts but Longs can be taken around 5015,4998 levels if it comes.
Follow on Facebook during Market Hours: http://www.facebook.com/pages/Brameshs-Tech/140117182685863
4998 to broke, now any downside extension possible.
4998 will become the upper end of November Series
good sensible analysis thank you
Very good analysis