Nifty opened at 8155 High 8160 Low 8056 and close 8130.....Perfect Hammer.
As per candle stick pattern it can be considered as the reversal sign. Depending on how nifty opens tomorrow.
Nifty has to open around 8144 and trade above 8160 consistently..That means it should not break 8123 level now..
Breaking this level it will test 8089 and 8066 level.....furhter level would be 8044 and 8020........so the reversal Hammer pattern will fail in this case and nifty will test the double bottom that is 7989 level and 7975 level. How ever once can Go long with this level with SL of 7944-7933 levels....a break of these levels means nifty will test 7889 and further 7860-7844-7819 levels......Nifty should have solid support at 7789-7744-7719 level...from there a bounce can be expected....but as of now the sell of that is happening it seems that nifty will trade in channel and it will have lower low pattern.
Looking at the upper level 8181 and close above that will show some strength
in nifty further levels would be tested are 8212-8240 and important level would be close above 8269 .....upper targets would be 8289 and 8325 close above 8344 nifty will be bullish and 8389 and 8444 levels would be tested again. close above 8444 nifty would be bullish for further targets of 8466-8489 8525-8544-8575 and 8625.....close above that 8680 would be another important levels to test 8725-8756-8789....further 8805-8825 and 8844-----moving ahead 8860 and 8889 would be another important hurdle.........8914 close above taht would be 8925 and 8944 further 8989 and 9027-9060.....9089 and 9120 would be the high of previous wave high..............lets see how nifty behaves....whether history of jan 2015 is repeated or of 2008-2011 will be repeated....follow the charts and play with the above important levels.
Follow my charts on METATRADER_CHARTS_SHAILESH
As per candle stick pattern it can be considered as the reversal sign. Depending on how nifty opens tomorrow.
Nifty has to open around 8144 and trade above 8160 consistently..That means it should not break 8123 level now..
Breaking this level it will test 8089 and 8066 level.....furhter level would be 8044 and 8020........so the reversal Hammer pattern will fail in this case and nifty will test the double bottom that is 7989 level and 7975 level. How ever once can Go long with this level with SL of 7944-7933 levels....a break of these levels means nifty will test 7889 and further 7860-7844-7819 levels......Nifty should have solid support at 7789-7744-7719 level...from there a bounce can be expected....but as of now the sell of that is happening it seems that nifty will trade in channel and it will have lower low pattern.
 |
| Lets follow the Fibo level and trendline channel and trade accordingly |
in nifty further levels would be tested are 8212-8240 and important level would be close above 8269 .....upper targets would be 8289 and 8325 close above 8344 nifty will be bullish and 8389 and 8444 levels would be tested again. close above 8444 nifty would be bullish for further targets of 8466-8489 8525-8544-8575 and 8625.....close above that 8680 would be another important levels to test 8725-8756-8789....further 8805-8825 and 8844-----moving ahead 8860 and 8889 would be another important hurdle.........8914 close above taht would be 8925 and 8944 further 8989 and 9027-9060.....9089 and 9120 would be the high of previous wave high..............lets see how nifty behaves....whether history of jan 2015 is repeated or of 2008-2011 will be repeated....follow the charts and play with the above important levels.
Follow my charts on METATRADER_CHARTS_SHAILESH
Lets have a profitable day!! GBU :)
ReplyDelete