You must
read previous articles and watch above chart carefully to understand this
article completely.
Important
development of charts –
- Nifty has 38.20% resistance @
5209 (from 5630 against the rise from 4531 to 5630). We have seen fall
from those resistance with high @ 5191.
- 5029 – It is 38.20% of rise against 4770 to 5191.
I have
quoted for resistance in the zone of 5090 to 5100 and Nifty has closed above
5100 marks, denied all possibilities of weakness from resistance levels. It
seems that it is the optimism that is driving the market right now.
I put
this market for sell-on-rise. We got first rise yesterday and even today seems
to be no different day. So, it is the suitable time to see exactly what is
happening during trading hours. Hence, I try to explain things based on 30
minutes intraday chart which is placed above. It can give you the sense of
volatility.
I must
accept (rather I am forced to accept) that this market is showing
better-than-expected- relative strength.
I have
counted a wave from 4770 to 5191 then the fall from 5191 to 5041 is the
corrective one. We can explain and try to correlate the coming rise (from
yesterday) with the fall from 5191.
It is telling
us that we can see the up to 5134 and then may be t 5156. Those must be the
intraday hurdle. Equally, any of these two levels can act as reversal points.
Break and
trade below 5080 will surely push us lower today.
I have to
give you alter sense, suppose if we kept on trading above 5040-5029 after all
odd then it must force every technician to bet for the fresh wave of rise which
can end up somewhere in this way –
5040 +
420 (rise from 4770-5190) = 5460. Or it can move 38% (5200), 50% (5250) or 62%
(5300) advance pattern. These are possibilities and I am not very sure about
that. Let us see.
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Thanks
& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
