You must
read previous articles and watch above chart carefully to understand this
article completely.
Right now
SGX NIFTY is trading @ 4760, which is giving a hint for gap down opening nearly
60 points. It is very simple to assume that we are now going to break 4789
support in the process of gap down opening. I already have a view that break of
4789 has some important technical meaning. Moreover, situation can be worse if
we start closing below 4830. It seems that we are headed towards that.
In
between we have few supports which might be under test today.
- 4790 = 76.40% from 5630 against
the rise from 4531 to 5630. We must be opening near to this one with approximation of fewer points.
- 4766 = we have seen a vertical
dip from 5125 to 4903 few days back. 61.80% further dip from 4903 will end
up at 4766. I am expecting pause on this levels.
- 4740 = which is the reaction of
actionary wave from 5136 to 5379. Take 1.618 times from 5136 or 2.618
times from 5379. It will give us 4740.
- 4685 = any panic sell off in
second half will give us dip near to this level. I will not expect any
rebound/short covering or relief rally if we come at this level. (Only GOD
can save us if hit this level today).
My
strategy will be to watch and watch before taking any trade. I am still hoping
that market should not extent its fall. Nearing to USA USA
I am
repeating this again –
“Look at
time cycle. We had 13 days of fall and then 8 days of rise. (13 and 8 are
Fibonacci numbers). Up coming down cycle may have a life of 1, 2, 3 or maximum
5 days. Today 5th day from 5020.
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Thanks
& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
