iCharts Discussions

[sraj]

WORLD MARKET

Friday American close was good! but current future and Asian’s status is in small volatile and nervous mode, as of now our nifty spot may have resistance around 4965, above this level next resistance may be around 5002, 5036, and 4912 may act as good support

NIFTY SPOT

Today nifty spot if breaks 4936 then further up move may continues and above this level next target may be around 4965, 5002, 5036, above this level next target may be around 5070 and 5100, Same as if nifty spot breaks 4912 then further down fall may continue and 4900 to 4889 will act as good support, below this level good down fall may come as per nifty levels,

and now we just see some near future move of nifty spot due to some patterns got break out in eod and intra chart as shown in the following two pictures, as shown in the first picture (eod) there is a two patterns are there, one is triangle and another one is channel, here triangle had broken out with target of 5180 to 5200,

Same time channel formation will get break out if nifty spot breaks and close above 5040 with target of 5220, and as per Fibonacci retracement 5070 is the point which will give resistance as 61.8% of the total recent correction,

Next as shown in second picture (intra chart), there was a HNS pattern which had broken out around 4930 range with target of 5200, so all the above formations are shows and give some conformation about nifty's up move, even though some important indicators shows some over bought situation,

So as of now nifty may have chance to get some resistance around 5040 to 5070! after that it may has chance to come down up to 4870 to 4830, so if there is any chance for the above means you can buy your scripts with s/l of 4800 on closing basis for 2 days ideally for the target of 5200 soon

NIFTY SPOT TODAYS LEVELS

Nifty Spot above 4936 Target 4960, 4965, 4992 to 5002, 5016, 5036, 5100

Nifty Spot below 4912 Target 4900, 4889, 4849 to 4839, 4805, 4769, 4740,4728, 4670

SCRIPT TO WATCH

CAIRN

BUY ABOVE 268 TARGET 275 TO 277, 287, 295, S/L 251
THIS IS FOR POSITIONAL CALL, ADD ON DECLINES UP TO 255

THANKS
SARAVANABALAAJI