 |
| Weekly Chart |
Above is a Weekly chart of Nifty.
- From this 8968.70 high , we have seen fall of about 11.70% in about 3.5 months, which took index to 7899.68 levels.
- It took support at 50% retracement .i.e. 7899.68.
- Then rallied about 7.15% in about four weeks to 8432 levels.
- And again struggling at 50% retarcement .ie. 8432 of its previous downward rally from 8968.70 to 7899.68 levels.
 |
| Daily chart |
- On Daily chart above, it can be seen struggling near 8430 levels from the past five sessions and trading in the range created by bearish black candle i.e 8460-8370.
- On the higher side supply can be seen near 8500-8560 levels, which is basically the previous congestion zone, where index really tried hard to stay above these levels, but broke those levels in early November via gap down opening and follow-up sell-off. Hence as per the principle of polarity, these levels could serve as possible resistance zone for any rally to come at least for once.
- Further resistance would be around 8660 levels.
- 8275-8250 could serve as important Support levels.
From the past four week Index was managed to make a new high , however new high is not yet made in this week and since tomorrow is last the trading session of this week, closing will really play an important role in determining the further trend of the index.
Important levels to watch tomorrow:
Support: 8416, 8397, 8370, 8330
Resistance: 8480, 8510, 8560
No comments:
Post a Comment