iCharts Discussions

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Thursday (23/02/17) and beyond

Supports are at about 8906, 8895/70/54/31/05 and 8770 while resistances are at about 8940/65/86, 9000 and 9014. Unfilled gap on lower side is at about 8778. Previous 52 week high is 8969. A +WW can give 9007 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 8826/00 (if below 8899) and 8792 (if below 8956) (-WWs with lower targets are not mentioned as of now). A rising wedge can give about 8800 if nifty sustains below 8915.

Nifty opened gap up, made a higher high but fell to close mildly -ve but above 8900. Daily candle is a doji cum spinning top and a likely evening star, to be confirmed by a red candle, preferably with a gap down open. There is also the persisting -ve div. Nifty must close above 8953 to continue the rally while a close below 8879 can start a fall. Wednesday was a NR6 day and we may see a big move soon. Global and local eco-geo-political events and liquidity can have a bearing on how nifty moves in short term. Trade carefully, this being an expiry day.