indiamarketoutlook

Is Nifty setting up for 13240 odd levels

Long
NSE:NIFTY   Nifty 50 Index
Nifty 12771

- Nifty had a 166 point drop today
- as of now it does not look like the end of bull ride but just a pause....
- chart set up still suggests that it has unfinished business & has doors open for a move towards 13240 odd levels in short term
- minor resistance at 12830-12874 levels
- support at 12630-12572 odd levels
- pattern gets invalidated if weekly close is below 12430 odd levels

Take care & safe trading...!!!





Disclaimer:
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
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- It's your hard earned money. Treat it wisely
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- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
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Comment:
Notice the zone of 12830-12874

How it acted as minor resistance intra day and then later the same zone provided support.... Levels working to perfection...

Enjoy

Comments

Sir, i want to understand the logic behind Nifty reaching 13,240.. do reply... i also think Nifty can go above 13,000 but want to know ur view .. is ur view based on earlier flag breakout
Reply
@light_kumar,

Dear friend
the logic behind the view is something to do with what I call as mirror image pattern....
the first time Nifty fell from 12430 levels in Jan 20, it dropped 816 points....

Sustaining above 12430 levels opened up doors for a 816 point up move roughly 13246

Hope that answers your question

Happy learning...!!!
Reply
I was waiting for someone to update a long view after today's fall. This provides a diff perspective which is important. Thanks
Reply
@Poison_1907, Welcome...!!!

Happy trading :-)
Reply
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