iCharts Discussions

[shashangan]

Nifty has been in a long sideways consolidation for more than a month now. So I also have been quiet a bit confused, trying to understand the trend. But as i had mentioned in my earlier posts the mkt is overall not completed the lower side, you can see inspite of some positive fundamentals mkt has not been able to reverse to a bull trend.

Nifty infact has formed a interesting Head & shoulder pattern to support the bears & my long term target of 3747 & below.

DO CHECK THE CHART PROJECTION I HAVE ATTACHED.

I still expect mkt could touch the same targets mentioned in my previous posts 3747-37 & 3658 by mid october (time revised) & possibly between 3565-50 my max overall projected target by Nov 1st week.

Upper side reversal only if mkt is able to close & hold above 4565 & 4685 spot basis (Unlikely)

The next lower supports could be 4095, 4040-30, 4002, 3980-60, 3848, 3747-37, 3658, 3617, 3606, & the major solid bottom support 3556 & 3554.

The above resistance levels Spot basis would be *4262-67*, 4296-4304, 4315, 4344, 4369, 4402, 4450, 4530-35(good resistance)

i mention this is my personal view, kindly check with me before you do any entries based on my view. The mkt trend can move on terrorist attacks, other sentiments, political crisis, oil, asian mkt sentiment. Kindly keep caution. i could be wrong. Do very small scale trading, Play mini if you dont want to risk, or stay out.

Good luck,
Gautham Shashangan