ashishchauhan

NIFTY- will it break Upside or Downside??- Part 2

NSE:NIFTY   Nifty 50 Index
Nifty as discussed in previous post here  resistance (@8690) at the trendline and fallen below the support (@8550) line as mentioned and done 8406 around from 8650.
Now what is next??
As Now it has again strong support at 8400-8410 range it can bounce from here or can go down. If took the support and moves up from here above 8440-8450 range then can move to 8500 but will face multiple resistances and if broken that then we can see more fall towards 8330-8340 range as there is gap in this range which nifty can try to fill. Below this range of 8330-8340 if nifty again goes down then we can see 8290-8300 range.
Rest continues and we will discuss it again when any breakdown or breakout is going to occur. Lets see...Wait n Watch..
Your ideas welcome please post your views regarding it what you think.
$~ac~$
Ashish Chauhan,

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Comments

Looks like eventually nifty will break on the upside and see a good run.
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There is gap between 8396-8410 nifty cash



And it's weekly gap for which I presume its strongest support and from here clients will have sell on rally


Next week closing very much imp as would be deciding factor events in next week, us elections results
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Good observations Ashish. Nice chartwork too. Agree on the support and rebound views. Ultimately its the markets who will decide the direction. We have to pick up the clues and trade on probabality of a win !!
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ashishchauhan ShanTrader
yes sir, exactly right only market will decide its direction. We as a trader searching only the highest probability of win where it is with the analysis of chart. :-)
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