Nifty: Analysis For August 3rd

Aug 3, 2017

After achieving the minor target in the opening yesterday, market broke the trend line mentioned in previous post and moved lower to the PSZ mentioned in the chart>>

Currently we are right into the support zone and the channel support at 10015-10040. If the market rebounds from this level, 10070 would be the key area to watch out for. Bulls would be little confidence after holding above this 10070. Immediately above this area is a 25 points resistance zone. If market still holds then we might see a range bound action with in this zone for some time, before heading higher. On the other hand, if bears are strong in this area (10075-10100) then supports could be tested again.

On the bearish side, if market breaks the channel and the support zone today (10015) then it may head lower to the target of 9950-9960.

Let's see how the price action unfolds.

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Best Regards
Bravetotrade

Aug 3, 2017

Note

The price action drawn represent bullish / bearish scenarios, the price may consolidate for longer and with wider swings.

Aug 3, 2017

Note

As mentioned in the above post, there is a possibility that this (5)th wave ends with a complex topping pattern. Perhaps a 3 drive pattern (not confirmed yet)..see below