Follow up from the last post -
Nifty continues to move down , we look for the insight and probabilities as of now .
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Bias is down, firming up in the short term and going for a Sell on Rise mode in the medium term . First support zone in the short term comes at 5825-50 levels . Even 5800 can be tested/whipsawed if weakness persists . Contra trades to be avoided till firm signals of bottoming out in lower TF . 5935-50 is the immediate resistance zone. Close above 5960 may signal an upward bias in the near term for targets 6020-50 . Volatility and ATR may rise now .
12 comments:
Dear Aarvee,
Thankyou for your detailed analysis.
Thanks Aarvee ji for your detailed and clear analysis. Appreciate your good work and consistent efforts :-)
good analysis rv
As the market are oversold and lot of bears this week mkt can take out weak bears and then will start downward journey
Thank you Aarvee
Nifty will make low of 5811-5780 and it will take uturn from 22 FEb or 11 March this time it will cross All time high
thanks RV,
I was really fighting against the trend, assuming that the markets were oversold....and losing money.....lol...but your analysis brings me insight....great ....by the way what is TF....full form...
Hi Chetas ,Tejpreetji ,Piyush ,Rajapvt, for leaving ur comments .
Regards
Anonymous@V
Happens to all . Tx for ur comment .
TF = Time Frame.
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EOD 12-02-13
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Nifty has broken through the hourly down trend line as in the last chart.
Bias is still down and this may be only a technical bounce from o/s hourly.
EW count : It may be a wave 4 or a subwave iv-3 from the top of 6110.
5940-60 is resistance zone having confluence of imp levels.
Only close above 5960 will now change the short term bias .Else we are likely to retest the bottom of 5880 and may be further below this week.
Excellent analysis RV! looking forward for more information on expected nifty trends with the new Budget.
Thanks Shweta for leaving a positive comment.
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