Nifty Spot
Almost after a gap of 5.5 Years in Nifty the weekly candle has closed as an outside bar almost near the top. In November 2007 in weekly chart when Nifty was at around 5900 , exactly after 8 weeks (which is a Fibonacci number) the nifty made its LIFE TIME HIGH AND THEN CRASHED upto 2252 levels. I am not saying that this time too nifty will behave in the same manner. Its just an observation. May be from here after 8 weeks we will be making a new top and after that......???? Only God knows
Last week Nifty made an outside bar almost @ the top. Nifty took support exactly at the Gann angle.
Resistance levels are 6034-6042, 6067, 6083, 6132, 6156, 6230
Support levels are 5970, 5936, 5876, 5853, 5804, 5727
We will initiate fresh shorts , if Nifty gives a close below 5935 for the targets of 5876, 5853, 5804, 5787, 5733
And,
We will initiate fresh longs, only if Nifty gives us a close above 6070 and also we will be covering our remaining positions of last week @ 6070.
Almost after a gap of 5.5 Years in Nifty the weekly candle has closed as an outside bar almost near the top. In November 2007 in weekly chart when Nifty was at around 5900 , exactly after 8 weeks (which is a Fibonacci number) the nifty made its LIFE TIME HIGH AND THEN CRASHED upto 2252 levels. I am not saying that this time too nifty will behave in the same manner. Its just an observation. May be from here after 8 weeks we will be making a new top and after that......???? Only God knows
Last week Nifty made an outside bar almost @ the top. Nifty took support exactly at the Gann angle.
Resistance levels are 6034-6042, 6067, 6083, 6132, 6156, 6230
Support levels are 5970, 5936, 5876, 5853, 5804, 5727
We will initiate fresh shorts , if Nifty gives a close below 5935 for the targets of 5876, 5853, 5804, 5787, 5733
And,
We will initiate fresh longs, only if Nifty gives us a close above 6070 and also we will be covering our remaining positions of last week @ 6070.
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