DushyantAM
Long

Watch for breakout from channel

NSE:NIFTY   Nifty 50 Index
NIFTY is attempting to break out of 11110 resistance. Early opinion polls and political situation will determine the movement in next 4-8 weeks. Support at 10970 and then 10500. 10,500 line is holding for over three years now, however, election times are very volatile in India.
Feb 11
Trade closed: stop reached: Breakout will have to wait !
Mar 05
Trade active: Another attempt at break-out. This time, the resistance has moved to 11200. Support at 10,500 was nicely held.
Mar 11
Comment: Handsome break with a gap-up from 11200. Watch for a test of the break-out with pull back to 11215, before resuming upward journey.
Mar 24
Comment: Revised value of pull back 11260. Will it pull back? Opinion polls have been predicting stable Modi sarkar, but things change rapidly, giving rise to huge volatility.
Apr 12
Trade closed: target reached: Pullback to 11215/11260 did not happen, so the confidence in the rally is low. A descending triangle from 11750 is threatening the rally with support at 11550. Perhaps its time to book profit and wait till the election results come out.

Comments

Expect Nifty50 to correct to 10990-10960 before resuming the journey to 11200.
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Holds the support at 10585. It will be interesting to see if 10600 and then 10475 hold or give up.
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DushyantAM DushyantAM
Next resistance is at 11000, where index has topped out in the past.
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Takes support at 10990, closure above will confirm breakout from earlier tops. Channel is not broken yet, but conditions appear favourable.
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DushyantAM DushyantAM
And the support gave in resulting in a free fall of 50 points !
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