Friday, September 06, 2013

Nifty - Technical Update

  1. Prices have recovered after the single day 200 point drubbing.
  2. This recovery has taken prices all the way up to the upper boundary of the resistance zone marked in last post (5600-5685).
  3. Now should prices break out from this supply zone, we have next one right after this, between 5750-5900.
  4. I am not sure at this point about what may happen if we enter this new zone 5750-5900, but it might tilt the balance in favor of the bulls.
  5. Of course a confirmation of a trend change would come once we break out from the slanting TL just above the blue box on the chart above.
  6. It would be very interesting to watch the prices if they reach the 5750-5900 band.
  7. Right now, till we take out 5685, there is a chance that sellers may return.
  8. Above 5685, we may test the upper boundary of the 5750-5900 band.

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