Last week Nifty moved on the expected line. Both the pressure dates (31st August as well as 3rdSept) worked very fine. It was clearly written well in advance that a close below 7930 will bring more weakness and the same happened.
Major resistance levels are 7693, 7737, 7805-12-25, 7930-69, 8040-8070, 8140-50, 8250, 8341, 8434, 8520.
Major support levels are 7590-60, 7475, 7389, 7302.
Nifty must take support in the zone of 7590-7560 levels. Take stop-loss not more than 20 points. If Nifty gives a close below 7560 then we may see 7475, 7345 & 7302 levels in the coming days.
According to Gann Emblem 7560 can act as an important support level.
**You can add 0 after each circled level and draw horizontal lines on your chart @ each of the circled levels and then see yourself the accuracy of Gann levels.
Next pressure dates are 9th Sept & 23rd Sept.
Major resistance levels are 7693, 7737, 7805-12-25, 7930-69, 8040-8070, 8140-50, 8250, 8341, 8434, 8520.
Major support levels are 7590-60, 7475, 7389, 7302.
Nifty must take support in the zone of 7590-7560 levels. Take stop-loss not more than 20 points. If Nifty gives a close below 7560 then we may see 7475, 7345 & 7302 levels in the coming days.
According to Gann Emblem 7560 can act as an important support level.
**You can add 0 after each circled level and draw horizontal lines on your chart @ each of the circled levels and then see yourself the accuracy of Gann levels.
Next pressure dates are 9th Sept & 23rd Sept.
**Analysis given with mandatory disclosure given on site on 07/12/2014.
Please read it before taking any trading decisions.......
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