I have already published this yesterday -
Support will be
76.40% of wave "B" will be 0.764 of 243 = 186 =. 5379 - 186 = 5193
So trade below 5228 will give you fall up to 5193 and then free fall for panic selling.
I still believe on 5193. We may see levels of 5193 in opening minutes. Let us see if it makes or break from those levels.
Look at above hourly charts. We have 3 remarkable gap opening and this is concerning. Gaps are nightmare for intraday traders.
Will the support of 5170 and 5135 have great meaning not?
Somehow I feel that we will not have as great meaning as of past but we must respect those technical support too.
I am saying we should respect those levels, I do not know if market will respect those or not.
We are moving towards Infosys result, upcoming monetary policy review too. I must add that there is a possibility of repo rate cut first time in last 3 years. Although, I believe that repo rate cut will not be a good move but those may come.
Keep those supports in mind while trading today- 5193, 5170 and 5135.
Will update more on need,
Regards,
Praveen Kumar
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