The day it went above 4700, I have updated that the trading range of 4700 to 4800 is going to give us pain of choppy moves. We cannot speculate in this range. I want a real and clear cut break of the range of 4800 to 4680. Nifty has placed itself beautifully before earning seasions. As trading range is narrow so I chosse hourly study to get direction.
Trend line are suggesting me that if Nifty trade below 4720 today then we may see the test of 4680 or any nearer levels. In alter Sense on higher side, Cross over of 4801 may give you 30-40 points on positive side.
Nifty has not yet crossed 4800 levels. As long as Nifty sustain below 4800 we can just expect stiff resistance at those higher levels and it may see frequent dip from higher levels. If sustain below 4720 then it should fall. Well, but not really falling?
We are at the zone of "Make or Break".
Support - 4720/4680/4630
Resistance - 4783/4801/4848
Wait for my next post about daily chart.
Thanks,
Praveen Kumar
