GauravSaini

NIFTY IN RESISTANCE ZONE

NSE:NIFTY   Nifty 50 Index
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Nifty 50 spot currently near 10860
index is in a strong resistance zone-combined with other studies it seems a sideways to bearish market in coming days
downside support at 10670--10550
A break below the mentioned levels will be highly bearish and can (no guarantee ) 9200 spot in coming months (with small bounce in between)

this is a chart study based on support -resistance ---the implications will show on break of levels only and over several weeks possibly -

i trade intraday mostly-presently no position in nifty
nifty cmp 10920------looks like a breakout is in making above the upper resistance line----looking to initiate longs with suitable stoploss below 10885 spot) ....
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nifty update eod -cmp 10771----traders will note that nifty upmove has resisted exactly at the resistance zone we drew few days back----consoidering the big move from the low of 10000 levels we retraced to approx 10930 levels ----after that a sideways move is continuing for whole of december ---there are good chances that we might see an end to the sideways move in next 2 days----the index is evenly poised as iff waiting for the move -----the expected impulse will either move beyond 10900 to 11300 on upside OR 10570----10100 ON DOWNSIDE ......((it will still be in the big range 11750-10000 ---but it will break out of the recently established range ))( plz take due care before initiating any trade-- DONOT overtrade OVERTRADING ALWAYS LEAD TO MASSIVE LOSS-----i personally trade intraday and study nifty for having an idea of the bigger trend -NO OPEN POSITIONS IN NIFTY))
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GauravSaini GauravSaini
@GauravSaini, cmp 10819 be careful as we could see an impulsive move in nifty
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nifty currently trading near 10675 levels --a nice selloff from the levels mentioned
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eod update-cmp 10967 important support numbers 10938-10820-10765-10560- 10560 will be a likely trgt in case the bears come out------resistance on upside at 11015--------iff one wants totake a short trade it will break of 10938 with suitable stoploss
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