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Understanding Nifty or BankNifty formation based on the Free...
INDIGO has been on its own flight path up with occasional massive or 2 corrections.
thought the stock has hit 52 week and all time high, 1750 1760 seems to be major resistance zone as shown.
would advice longs to be careful.
The Chart is Self explanatory for EW Fans.
Only Analysis Not executing it as yet
Am looking at a possible 5 of 5 Move which can be very quick and needs some experience to handle.
Best of Luck
BANK NIFTY today closed below its 100 weekly mov avg.
previous instances it has rebounded around this zone
but it has also broken the trendline from the 2 previous instances.
this week and next week are crucial to see if we get a bounce
Nifty after a steel fall , recovere dintraday ahead of FM meeting about FPIs tax.
since the meeting was mixed bag about the tax or derivatives etc, nifty monday morning open will be difficult to judge adding to the fact US markets tanked over night thanks to china
and also crude crashing.
whatever the move has to cross and close above the resitance lines...
Nifty on weekly is currently below the 100 weekly dma and also morei mportant below the weekly CLOUD.
also it is at Monthly 20 dma. a critical area
if the weekly close happens below the cloud, could signal pending weakness, unless it manages to go into the cloud, signalling support taken.
Nifty is trading near daily support of 10925. If it fails to hold 10850 (closing basis) then next major support comes in close to 10400. Above 11000 we can expect short covering / rally till 11125/11250 with major resistance at 11350.