- 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...!!!
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
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...
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 trading :-)