Sunday, November 13, 2011

Nifty at crucial Juncture!

Nifty 30 mins chart:

Nifty Daily chart
Nifty gave a gap down opening on Friday and failed to rally back for the entire session to close the gap. However prices managed to close at 5168 levels above the lower end of the support at 5160 we have been mentioning for some time now.

Nifty daily chart shows a doji formation which indicates indecisiveness. Given the rally in US and European markets on Friday it will be crucial to observe how our markets react to this and if we manage to open gap up & whether we will be able to sustain there during the day.

A failure to sustain above 5150 levels will break the strong support zone and will confirm next leg down towards 4800 and lower has started. If prices manage to rally from here we can move till 5260 the upper end of the short term channel shown in 30 mins chart.

In short, it is very crucial to observe how Indian markets behave today and whether it manages to move above 5260 or below 5150 for clear directional breakout. However, a move above 5260 will take it only towards 5350 and not more than that. Eventually the X wave will get complete in few more days if it is not already complete and a steep down move has to start sooner than later!


  1. dear sir,

    Please update latest nifty hourly chart

    thanking you,
    nirav patel

  2. Hi Nirav, I posted the latest chart yesterday. Please check Nifty Anticipated & Happened article where you can see latest chart..