Hi
In my last message, I had started by saying “Spot Nifty hurriedly moved to the level of around 8969 as mentioned in my last message”
So, almost for 2 weeks that the target of 8969 was being viewed and reviewed by the spot Nifty, but without attending to it.
Even during this week, the spot Nifty did the same thing for the first three sessions, but on the fourth session on Thu 2nd Mar 2017, it straight away opened almost at around 8983…. Much above this barrier of 8969 level, and managed to remain above this level during the whole session on that day.
But on the last day of the week, that is on Fri 3rd Mar 2017, it did come down from the levels of the previous day, and yet closed above this level of 8969, which is now likely to act as a support, to some extent.
One can see that even now, the spot Nifty is above the 10 DMA Red line. It had hit the Upper Bollinger Band on Thu 2nd Mar 2016, and had had a rebound from that level, but still, the Upper Bollinger Band does NOT seem to have acted as a strong resistance on that day.
I feel that even now, there is some steam left in the Nifty, which shall push it upwards to the level of around 8992, the high on Thu 2nd Mar 2017. In case it manages to go above it and stays above it, then the earlier All Time High of around 9119 stands a good chance of getting touched/violated.
However, in case the Spot Nifty cannot manage to cross the level of the last high of 8892 and stay/close above it, then there is a strong chance of a correction. In such a case, the Nifty may get dragged down to the earlier strong support of around 8570.
My opinion based on my understanding of the markets and the charts, and I could be wrong.
Cheers!
SS
In my last message, I had started by saying “Spot Nifty hurriedly moved to the level of around 8969 as mentioned in my last message”
So, almost for 2 weeks that the target of 8969 was being viewed and reviewed by the spot Nifty, but without attending to it.
Even during this week, the spot Nifty did the same thing for the first three sessions, but on the fourth session on Thu 2nd Mar 2017, it straight away opened almost at around 8983…. Much above this barrier of 8969 level, and managed to remain above this level during the whole session on that day.
But on the last day of the week, that is on Fri 3rd Mar 2017, it did come down from the levels of the previous day, and yet closed above this level of 8969, which is now likely to act as a support, to some extent.
One can see that even now, the spot Nifty is above the 10 DMA Red line. It had hit the Upper Bollinger Band on Thu 2nd Mar 2016, and had had a rebound from that level, but still, the Upper Bollinger Band does NOT seem to have acted as a strong resistance on that day.
I feel that even now, there is some steam left in the Nifty, which shall push it upwards to the level of around 8992, the high on Thu 2nd Mar 2017. In case it manages to go above it and stays above it, then the earlier All Time High of around 9119 stands a good chance of getting touched/violated.
However, in case the Spot Nifty cannot manage to cross the level of the last high of 8892 and stay/close above it, then there is a strong chance of a correction. In such a case, the Nifty may get dragged down to the earlier strong support of around 8570.
My opinion based on my understanding of the markets and the charts, and I could be wrong.
Cheers!
SS