Price can go up in opening to 14750-14760 should face resistance there of the daily 10 MA
From there it can start falling facing support at 14673, 14630, 14580.
For a big move today, 14760 on the upside should be crossed and for a big down move today 14673, 14630 and 14580 needs to be breached.
Hourly stochastic is negative. Daily stochastic is positive. Weekly...
Nifty has for the third time recently touched the same price zone of 870-900 and was rejected twice earlier, now on the third time its likely that price will not be able to break this level upside.
If it does then 15000 isn't far.
While if it does not then 14350 is coming where price can take support but since it has already breached below 14350, this time its...
While today's fall was expected and my yesterday's idea can be checked for the same, I am not really sure about tomorrow.
There are mixed signs,
1. The hourly stochastic is positive K% is above D%, which according to me is a very good indicator indicating green trend
2. Nifty touched 0.75 gann levels, reversed, retraced almost 78.6% of the total fall from 14575...
Nifty has last week taken support at Gann level and can be expected to again show some bounce in the initial hours tomorrow.
The daily stochastic was almost turning positive till yesterday closing until today's fall, now it's again indicating weakness.
Hourly stochastic is currently resting on the lower band and therefore bounce can't be completely ruled out.
If breaks above 1346 then can rally up to touch 1450-1500 where red parallel channel will act as resistance. This will mark the completion of wave 5, if the same is already not completed.
If breaks below 1277 on weekly closing and 1235 on daily closing then 1045 and 859 could be the min. targets that can be expected.
1. Intermediate wave cycle seems to have completed, and stock is up for correction, currently retraced less than 23.6% which is at 400, breaking 400 can open gates for another 13% correction till 348.
Usually it should at least retrace by 38.2% levels therefore 348 seems likely.
2. Nifty IT index is weak too.
Price may break the support due to weak broader index.
Twice the stock has taken support at 242 recently after breaking out which confirms the valid breakout.
248, 260 as the first minor resistance points and then can aim for 300+