S&P CNX Nifty 2848.50 -99.85 (-3.39%)
Structurally, there’s nothing to conclude from the fall today though it was encouraging to see some good volumes in many stocks today. For the short term, today’s close would be the support. If the market breaches today’s close tomorrow, then we could well be headed to 2678, which is the next important level to watch.
Until the market breaks the pattern shown in the chart, we can safely conclude the following.
1. The Nifty top of 3121 would not be broken in the next couple of months and upside is limited to 3050-3075 levels.
2. Nifty might well be ranged between 2848 and 3050 for the next 6-8 weeks. The range would get narrower and eventually trigger a fall.
3. The previous analysis holds. The bull within the bear cycle would come to an end as mentioned here.
Structurally, there’s nothing to conclude from the fall today though it was encouraging to see some good volumes in many stocks today. For the short term, today’s close would be the support. If the market breaches today’s close tomorrow, then we could well be headed to 2678, which is the next important level to watch.
Until the market breaks the pattern shown in the chart, we can safely conclude the following.
1. The Nifty top of 3121 would not be broken in the next couple of months and upside is limited to 3050-3075 levels.
2. Nifty might well be ranged between 2848 and 3050 for the next 6-8 weeks. The range would get narrower and eventually trigger a fall.
3. The previous analysis holds. The bull within the bear cycle would come to an end as mentioned here.
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