NIFTY – Keep an eye on resistance @ 5230 (shifting lower from 5241)

Today’s view –

Nifty has bounced yesterday from 5160 and that is changing the resistance levels. Let us look how.

Nifty fall from 5342 to 5160 = 182 points

• First stiff resistance for trade will be = 38.20% from 5160 = 69.50 ~ 70 points.

From 5160 add 70 = 5230

So watch out @ 5230. Cross over will give 5151 (50% rise) and 5272 (61.80% rise).

I still intact on my views that lower support line have broken. We may see dip from higher levels.

• Have a look at above charting pattern. Its lower top and falling bottom. This kind of structure generally result fall. One view is suggesting that we may have parallel fall of previous ‘c’ wave.
• A fall from 5379 to 5183 to be retraced from 5342. which end up at 5146.   

(I am giving a very clear way to conclude levels. Do not believe me. Believe the study, I may also conclude wrong).

So over all, trade short only on decisive breakdown. Sooner of later that has to come. There is no running away.  

If needed I will release intraday update too.

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Thanks & Regards,

Praveen Kumar

Mail id – Praveen@viecapital.com

Mobile number – 09893369889