Thursday, September 27, 2012

Nifty Support at 5623

Dear All


>Click the Chart to see on full screen<

Nifty forming a Flag like pattern and stuck in between those channel, today's attempt to break above the channel failed and fell upto 5640. Now if breaks 5640, next logical support at 50% fibonacci ratio along with the channel support as shown on chart.

Break below 5623 may favour bears with good sell off.


>Click the Chart to see on full screen<

I think No explanation needed for the above Tata Motors Chart. Inverse H&S Break Out and falling to touch the Neck Line. But there is also another story in Eod which we have discussed along with chart last weekly review - as we found there is a Big Head and Shoulder.

So finally if 250 gives support - Possible bounce back, else may fall Heavily as per Eod Charts H&S Pattern.

Interesting days ahead. Lets wait and See. Cheers!!!