Nifty Detailed View :
Here we see that there are cluster of supports between 4450-4550 levels ( 4 reasons given ) from where Nifty should bounce back atleast till 38.2% retracement level of the entire fall from 5400 as it has done in previous major falls in this falling parallel channel
1 ) Will this low made at 4550 in Nov 2009 would be respected too ??
2 ) 50% retracement of entire rally from 2550 to 6350 is placed around 4450
3) RSI - highly oversold, at same levels where previous important lows in Nifty were formed
4) Lower end of falling channel is placed around 4500 so this should act as a major support for the Index
Regards
Ankit
Analyse India
Happy Trading !!!
Here we see that there are cluster of supports between 4450-4550 levels ( 4 reasons given ) from where Nifty should bounce back atleast till 38.2% retracement level of the entire fall from 5400 as it has done in previous major falls in this falling parallel channel
1 ) Will this low made at 4550 in Nov 2009 would be respected too ??
2 ) 50% retracement of entire rally from 2550 to 6350 is placed around 4450
3) RSI - highly oversold, at same levels where previous important lows in Nifty were formed
4) Lower end of falling channel is placed around 4500 so this should act as a major support for the Index
Regards
Ankit
Analyse India
Happy Trading !!!
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