Nifty has broken 4904. Above is 5 min chart.
If we take a fall from 5040 to 4906, we have some crucial resistance on recovery. One such is 4971. It has crossed on Friday for few seconds and then remains untested today. (I was expecting recovery to move beyond that to bet for any trade on long side).
Above chart is showing that we have broken 23.60% of wave (from 5040 to 4906) and then broken 4904 in just few mins.
Seems NIFTY is preparing to test 4880 to 4850. Only question is, will it hit today or in next few days. Remember I am saying this from long time that no pullback can sustain. No support is creating for reversal. Its so quick that recovery cannot even sustaining on intraday basis. This is showing weak undertone of the market.
Regards,
Praveen Kumar
No comments:
Post a Comment