Nifty took support at 200dma in today's trading .This level will decide the action for the Short term as well as Positional play. Please check the last post for detailed insight-
Few observations -
1.Today's close was below last Week's low close as well as 10day low close. It also closed below the important 5750 level , 20 dema and recent Pivot low of 5735. It signals growing weakness in Price action.
2.The first target on the downside, near 5720 level was met today.
3.The second target as per Fibo charts is near 5625-50 range.
4. Now the SAR can be the 200dma mark . One should be prepared for whipsaw at this level. (Though there was no whips on daily closing basis, when broke this level on both the downside and upside recently - see chart above )
5. Options are yet to signal a bigger cut below 5700 level but FII's were on big Sell side today.
6. Sign of reversal will come on break of 5830 level now on the upside as per the Volume Profile.
7. 5600 will be the game changer level as per the EW alternate count mentioned yesterday. CLICK HERE for details of Trading Strategy .