NIFTY TECHNICAL VIEWS-
I need to quote that NIFTY has seen a high of 5306.75 on Friday which was predicted as resistance in my Premarket Analysis.
As i said - 5307 = 61.80% retrechment from 5191 (of fall from 5379 to 5191). This stop was a confirmation of fall. I am holging my short trades.
Whats for today : -
Take a strong note that now we need to see some sustained trading below Friday's low. It means that we need to see if NIFTY sustain below 5185. We seems to be very close to see the generation of 5 wave downside. I must say that those has not started yet. Today's closing will be very very important for Wave theory.
Technical resistance for today's trade will be at 5152
1) Once it sustain below 5185 then we can see trades near 5145 which is 200 DMA
2) Break below 200 DMA will give you 5135(Previous low) then 5103 (Trendline support).
Few event to be followed : -
- Its also important to keep an eye on upcoming RBI's Monetary Policy reviews and hopes.
- As of now Spain seems to be under trouble.
- Reaction on Crude oil after Afganistan under terror attack
Regards,
Praveen Kumar
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