You must
read previous articles and watch above chart carefully to understand this
article completely.
We have
seen a day of consolidation and it should not be taken as sign of weakness. It
is strongly advisable not to short each and every level every time. I am still
intact with my yesterday’s view.
If we
take the recent from 5020 to 4770 then 50% of the fall ends up at 4896 which
was tested yesterday.
Now,
what’s for today?
Consider
4830 as strong support for intraday and expect the retest of 4896-4900 levels. Cross
over of 4900 will generate the target of 4925. Further extension of rise will
result 4962 also but those may come in coming few days of trades.
We have
support @ 4830 (~4828) and 4800. This market is looking safe for rebound as
long as we are standing above 4800. If it breaks below 4830 and close below
that then situation will be completely different. You can say that it will be horribly
weak in that case. It may cause further massive sell off.
As of now
I can say that the levels of 4896 and 4925 will have big technical meaning. These
points may act as decisive ‘reversal point’ for intraday, just like yesterday. My
view is cautiously long side.
Depending
on market condition we will release intraday updates too. Till that time, you
can post your views also so that I can present better result for you. Intraday
posts are available on www.viecapital.com
only.
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Thanks
& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
