ashishchauhan

NIFTY- will it break Upside or Downside??- Part 3

NSE:NIFTY   Nifty 50 Index
Nifty as discussed in previous post here that Nifty can take support at 8400-8410 and can bounce and that happened it bounced to 8550 level and on downside below our levels made low of 8002 in gap down opening on US election day.
Now what is next??
As now Nifty is again at the big support @ 8290 and for this week this level can be the trigger from here it can bounce or beak down. If it took the support and move up then can bounce up to 8390-8400 level. And if broke down then 8390 level support then will broke down to 8100-8110 level. Will try to take the support @ 8245-8250 and then 8200-8205 level, otherwise a fall down. In worst case can try to touch the US election day low also, if all these supports gone.
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.
Trade active: As posted last night Nifty is on support and below that can fall to 8100-8110 level today nifty broken all the support and hit the trendline on dot by making a low in the range of 8090-8190.
Comment: Nifty also same as Banknifty even on gapup opening, opened exactly in our range of support which had now becomed resistance @8200-8205. And that had became thhe high for the day. Closed at the trendline exactly. Now standing at major support if not respected it then we can see a downward movement towards US election day low, otherwise can bounce towards the resistances @8200-8205.
Comment: Nifty is facing resistance at the trendline, for the upmove it had to comeup and close above this trendline. Lets see can it do that?? Bulls have that power or not...

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Ashish Chauhan,

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