Markets continue correction... next support is at 5970 or 20000 on the sensex... the latter is likely to be psychologically more important at this point.
Anyway since the trend has changed for down, most levels are likely to break. The first signs of a trend reversal will however appear on hourly charts... there is still some time for this to happen.
Option writing points to support at 6000 and resistance at 6300. Incidentally DEC series also points to support at 6000 but resistance at 6500.
Intraday charts are now showing some signs of support at lower levels. Buy above level here is 6050F.
30 min charts show good support at 6000F... this region roughly corresponds to 20000 on sensex. In fact, 20000 will give better support than a nifty level at this point.
Anyway since the trend has changed for down, most levels are likely to break. The first signs of a trend reversal will however appear on hourly charts... there is still some time for this to happen.
Option writing points to support at 6000 and resistance at 6300. Incidentally DEC series also points to support at 6000 but resistance at 6500.
Intraday charts are now showing some signs of support at lower levels. Buy above level here is 6050F.
30 min charts show good support at 6000F... this region roughly corresponds to 20000 on sensex. In fact, 20000 will give better support than a nifty level at this point.
BNIFTY trend is down and has a visually obvious lower swing high formation. Correction can get aggravated below 10400.
Breakouts today
Source: based on study of publicly available information (websites, media, tv etc) and charts
Thanks a lot for such a valuable observations & Analysis..! Show must go on ..
ReplyDeletethank u sir for guiding us with your best research and technical analysis.
ReplyDeleteNice Illustrations, and clear analysis.
ReplyDeleteNo confusions with "Ifs" and "Buts" :)