Will this rally stop in the 5400-5500 zone ? .. Some observations
1) Last significant top is at 5400 levels which was made during
NOv 2011 should act as a resistance - shown as pink trendline
2) Green trendline which once acted as support should now
act as resistance as it did in Nov 2011 when Nifty retested the
green line and fell again, this trendline is currently placed at 5500.
3) 50% retracement level of the entire fall from 6300 to 4500 is
placed around 5430 levels
4) RSI is at highly overbought levels
So this 5400-5500 zone should act as an imp supply zone and we
expect Nifty to retest Long Term (Red) channel breakout level at
5100-5150 in short term
1) Last significant top is at 5400 levels which was made during
NOv 2011 should act as a resistance - shown as pink trendline
2) Green trendline which once acted as support should now
act as resistance as it did in Nov 2011 when Nifty retested the
green line and fell again, this trendline is currently placed at 5500.
3) 50% retracement level of the entire fall from 6300 to 4500 is
placed around 5430 levels
4) RSI is at highly overbought levels
So this 5400-5500 zone should act as an imp supply zone and we
expect Nifty to retest Long Term (Red) channel breakout level at
5100-5150 in short term
Regards
Ankit
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