Dear all,
This is first time on my blog that I am posting my research based chart here open for discussions, comments, suggestions and brainstorming on Cbox here.
Nifty Charts Weekly View (within the chart period taken):
Connecting lines
RED Line : Last low to Last Top
BLACK Line: H-H(Resistances) and L-L(Supports)
GREY Lines: All higher tops except last top
It is evident from the chart and colour lines drawn that Nifty has moved in between the BLUE and GREY lines where BLUE lines have acted as minor resistances or supports and GREY Major Resistance. Once it crossed the 3250 resistance touched 4050 which also was crossed and finally resisted at the Major Major resistance at around 4700 (4693.20) levels and collapsed. Then it took resistance at the BLUE line support and moving up now.
So possible scenarios for Nifty are
1) Testing Resistance at 4450-4520 and down to 3900-4100 levels.
2) Testing Resistance at 4450-4520 and also break 4520 and 4693.20 levels then down
towards 3900-4100 and more may be 3700-3300.
3) Testing Resistance at 4450-4520 and break 4520 and 4693.20 levels and give
super bullish breakout to reach 4900, 5000,5200,5555 levels
4) Down straight creating panic (highly unlikely)
Notes: Views mentioned here are based on weekly Nifty chart within the period (as mentioned in chart) and readers should not take positions or trade based on the views mentioned here. These are likely scenarios based on research done in-house and may be right / wrong.
Will post more on updates on the same.
Best Regards,
Shailendra Jain
Cell:09833007976
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