Thursday, November 15, 2012

5580 Support - Will it Hold ???

Dear All,

>Click the charts to see it on full screen<

Its more difficult to trade when Price forming a complicated A-B-C Patterns. When Nifty crossed above 5720 06th and 07th November, it seems like a Break out and 4th wave have been completed. Situation reverse when again Price came below 5710 and showed like a double zig zag.

Today 5624 which is 78.6% retrace of Previous wave also broken on Intraday and closed at 5628 showed to us that 5580 is the last support before us. If broken then it may try to fill the gap left at 5420 as showed on chart.


>Click the charts to see it on full screen<

Bank Nifty looks like a Triangle Pattern. Break out on either side may decide the trend.

Lets See. Cheers!!!