Thursday, August 18, 2011
Nifty Update & Long Term Target
The Hourly Triangle breakdown in the last post , retraced to touch the lower trendline ,whipsawed the SAR of 5080 and closed down below it. Today's high (made in first hour of trade) was 5078 !!! . It was a trending day throughout. Now let us checkout the Weekend Analysis posted on 15-08-11,
1. Bias is firmly down in Short term .
2. Watch the Triangle break in Hourly charts for near term direction . ( trigger)
Near term Resistances are 5100 and 5140 apprx. - (The High made this week is apprx 5135)
3. If breaks 5050 or Hourly Triangle down , then can test recent lows . Next move will be on reaction at this level. ( touched the recent low level of 4946 today)
If closes below 5000 levels one can be positionally short with strict s/l . Targets may be 4800 or sub 4800 (as discussed in long term post). Hold & sit tight till Market stops u out. (for Trend Trading).
5. Probability that if the Gap is not filled in next two-three trading sessions or closing above 5200 soon , The Markets may fall by its own weight. " ( Very True !!!)
Long Term Update:
Now the Markets are poised to touch / trade near the Long Term Target of apprx. 4800 level may be tomorrow /soon which I posted at the time of start of the Blog on Jan 30th this year - Click Here and followed up recently - Click Here .
The journey of this duration has been truly Educative and Interactive with positive support from the Readers & fellow Bloggers . Thanks to All !!!
My sincere Thanks also for the warm response given by all to my new venture of Advisory services aimed at 'Learn & Earn'- Click Here
I will be closing the Subscriptions Next Friday , 26-08-11 . Please feel free to Mail me for any queries.