iCharts Discussions

[shashangan]

My buy call was a bit early in my previous post, though i was & am still overall bearish i didn't expect nifty to fall below 3980-50 levels, it went to 3848 little too steep than i expected. But i did mention to do very small scale buying, & i also mentioned, i myself am only picking one lot mini at a time. But discipline & patience has paid off.

Anyway my immediate projection for the mkt. According to Spot Nifty 4190-95 is the first target which is almost achieved today. You can watch & partially book longs. I suggest longs to be very cautious, since the mkt can fall again possibly mid of next week. & recommend to keep reducing longs & exit most to all longs at the resistance level around 4315 levels, & wait to short the mkt. (if it gets there). Reverse to short from 4398-4405 levels (Spot Nifty basis) for the next leg of lower move to the minimum first target around 3747-37 possibly before end of this month.

The next lower supports could be 3658, 3617, 3606, & the major solid bottom support 3556 & 3554.

The above resistance levels are around 4192, 4226, *4262-67*, 4296-4304, 4315, 4344, 4369, 4402.