Sunday, September 30, 2012

5720 is crucial level for Nifty now

It was predicted on Sept 15
On Breaching of 5630-5650  next levels
5760 5970 6200 within 60 days..please see here

and 5735  traded 
Nifty is trading at top of red upward channel and and closed making spindle tops as seen at 4 year weekly chart .
now 5720-5730 is crucial for Nifty spot ....above it upside targets  5976 -  6230 in next 90 days .
if stopped at 5730 we may see 5650  5600  5550
keep watch at 5720
On daily chart we have observed shooting star candle which  may support bears  ..

30 Minute chart is showing range break out and closing  just above top of channel ...will  old channel try to pull in prices below 5700 ?
Technically yes ...
reasons are market is in overbought condition and shooting star inviting bears
trading at top of the channels on daily and weekly charts..
so a smart pull back is primary  requirement ...if we want to see nifty at or above 5800 before deewali ...

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