On the weekly chart of Nifty given below; the only support one can look forward to, is at 5000/4950 and the immediate resistance is at 5300/315 odd levels. Though the indicators have begun to diverge we are yet to see the conformation from the PRICE!
On the daily chart too…most distinguished supports are way down. So far it looks like a multiple top scenario. For all those longs who have been lucky to have em at the value zone (buy’s between the 20 and 50 MA’s), 5150 looks like a descent conservative stop or one can go for a more aggressive stop at 5175/80 (see the hourly chart)!
We haven’t made mucho moves last week; the hourly chart still it gives a myopic view of things. Price is testing what we call old resistance turn to support philosophy (that’s why hinted aggressive stop at 5175/80), a failure here would result in swift fall to 5135/40 and 5080 levels!
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