Waves Strategy Advisors: Nifty Crucial Levels!

Nifty Happened Scenarios:

The below excerpt is picked up from the “Financial Waves Short term update” report which is published daily before equity market opens. The below article itself shows the accuracy of levels we have been mentioning over past 3 days. For more information about this report write to us on  helpdesk@wavesstrategy.com

Nifty 60 mins chart:

Published on 16^th July 2012:

Published on 16^th July 2012 before 8:30 am : It is now important to see if prices can manage to bounce back from the crucial support of 5200 – 5190 level. This level is an intersection of 2 trendlines as shown in the above charts. Intersection points are very important and mark the turning points atleast over short term.

Happened on 16^th July: Nifty made a low of 5190.45 and closed at 5197. Prices touched 5190 almost to the point and did not break it.

Nifty 60 mins chart:

Published on 17^th July 2012:

Published on 17^th July 2012 before 8:30 am : We now expect prices to bounce back from here and move towards 5260 – 5270 levels over short term. 5150 - 5190 level was acting as strong support zone previously in the months of March – April & it acted as a strong resistance in the month of June. Now this zone should act as a strong support and prices shall bounce back from here…. A move below 5180 will be bearish…

Happened on 17^th July: Nifty made a low of 5181 yesterday and managed to close above 5190 level. The high made during the day was 5237.

Nifty 60 mins chart:

Happened as on 18^th July 2012 EOD:

Happened on 18^th July: Nifty managed to close above 5180 – 5190 level and made a high of 5223 on intraday basis. Prices have so far defended the important level of 5180 – 5190 on closing basis. For subscribing to this equity report write to us on helpdesk@wavesstrategy.com.