The entire bull phase from the bottom of 7894 Nifty' gained 2244 points without even making any major correction. This fall I am expecting a minimum 38.2 % retracement which approx.: 9300. Before that, at 9600 area will have yet another strong support. I n the mean while, expect a short term oversold bounces. The following are the support / resistance levels for the further movements. The monthly volatility levels were to far to expect to reach in a month, so I summarize those levels to the nearest pivot values.
Nifty' formed a doji in daily chart and it is highly oversold on hourly chart, can expect a bounce upto 9850. that is approx a 38.2 % retrace of the current fall. For BN also the same approach is taken granted.
Otherwise on weak note, the fall can continue
Below 9697 today’s Supports are 9675_9630 & 9617
Weekly above 9745 Nifty’ Resistances will be 9800_9896 9947
Weekly below 9676 Nifty’ Supports will be 9620_9510 & 9475
Monthly above 9828 Nifty' Resistances will be 9912
Monthly below 9777 Nifty' Supports 9696 & 9590
Nifty' formed a doji in daily chart and it is highly oversold on hourly chart, can expect a bounce upto 9850. that is approx a 38.2 % retrace of the current fall. For BN also the same approach is taken granted.
Otherwise on weak note, the fall can continue
Below 9697 today’s Supports are 9675_9630 & 9617
Weekly above 9745 Nifty’ Resistances will be 9800_9896 9947
Weekly below 9676 Nifty’ Supports will be 9620_9510 & 9475
Monthly above 9828 Nifty' Resistances will be 9912
Monthly below 9777 Nifty' Supports 9696 & 9590
Comment:
watch weekly resistance 9947