Nifty detailed View updated

 
Nifty View:

Nifty after correcting 8% in last few days has send shivers down the spine for investors as well as traders. Now talking about when it will bounce back?? The answer is that it should bounce back from 5690-5720 ( we all know - the last 2 bottoms ) . But if it sustains/closes below the above said range then u can expect a 150-200 point cut which would take it to Multiple support rectangle -- 5550- 5650.

Multiple Support Rectangle consists of:
1) 200 DEMA -- Green Line - if u check the chart, 200 dema has taken care of the last 2 bottoms made in Feb and May in 2010.
2) 200 DMA -- Orange Line
3) Last top made on the channel @ 5550 ... This was the last top made before we started the massive rally from 5400 to 6000 levels

The bounce back is likely to take place from Multiple Support Rectangle if last low @ 5700 is broken.

Have a nice trading day

Regards

Ankit