CNX NIFTY: Daily Review at Closing

Daily Chart

Nifty plunges about 150 points today and closed below its 100 day sma.

Currently it is standing right at the lower band of upslanting channel, Any close under this channel, may trigger further sell-off.

I could also see a probability of  AB=CD pattern formation.( marked), within a down-slanting channel.

Lower Top Formation is also apparent on the daily charts.

Size of the bearish candles is also expanding on daily charts.


Candle-Stick Patterns

• Daily : Long Bearish Belt-hold 
• Weekly : Bearish Enguling
• Monthly: Evening Star Pattern

INTRADAY CHARTS

Hourly chart

A  probability of pull back  to 8550, 8580, 8600, cannot be ruled out because nifty closed right at the lower band of up-slanting expanding channel, which coincides with 61.8% - 78.6% retarcement support zone of its previous rally from 8269-8844 further it is extremely oversold on intra-day charts.





IMPORTANT LEVELS TO WATCH

Support       :  8390, 8270, 8120

Resistance    : 8550, 8570, 8580, 8600, 8630