BROAD RANGE FOR NIFTY FALLS BETWEEN 5101 -- 4941 SPOT ON THE DOWNSIDE AND BETWEEN 5208 -- 5357 SPOT ON THE UPSIDE ( ON CLOSING BASIS ) -- EXTREME SHORT TERM MAJOR SUPPORT FOR NIFTY FALLS BETWEEN 5101 -- 5071 SPOT BELOW WHICH IT MAY FALL AND TEST ITS 200 DMA AT 4980 SPOT OR 4941 SPOT -- CONTINUOUS TRADE BELOW ITS 200 DMA MAY INDICATE FURTHER WEAKNESS AND IN THAT CASE NIFTY MAY TEST ITS NEXT MAJOR SUPPORT LEVELS OF 4732 -- 4700 SPOT . ON THE OTHER HAND NIFTY IS LIKELY TO FACE EXTREME SHORT TERM RESISTANCE BETWEEN 5171 -- 5208 SPOT ABOVE WHICH IT MAY MOVE TO HIGHER LEVELS OF 5251 -- 5284 / 5357 SPOT -- CONTINUOUS TRADE ABOVE 5357 SPOT MAY INDICATE RESUMPTION OF THE UPTREND AND IN THAT CASE NIFTY MAY EASILY MOVE TO FURTHER HIGHER LEVELS OF 5612 -- 5634 -- 5677 SPOT. TRADE ACCORDINGLY.
TECH -- VIEW AS PER WEEKLY CHART
A) ONGOING FOURTH CORRECTIVE / DOWN WAVE ( AS PER WEEKLY CHART ) MAY FIND GOOD SUPPORT ANYWHERE BETWEEN 5100 -- 4900 --4700 SPOT AFTER WHICH FIFTH WAVE MAY AGAIN RESUME UPTREND IN NIFTY.
B) THIS PROCESS MAY TAKE 1 -- 3 WEEKS TIME INBETWEEN WHICH WE MAY EXPECT HUGE VOLATILITY WITH FREQUENT BOUTS OF SELLING AND PULLBACKS.
C) THIS TECH -- VIEW FOR THE FOURTH WAVE FORMING A BOTTOM ANYWHERE BETWEEN 5100 -- 4900 -- 4700 SPOT LEVELS MAY GET NEGATED IF NIFTY CONTINUOUSLY TRADES BELOW 4732 -- 4700 SPOT AND IN THAT CASE FOURTH WAVE MAY FURTHER GET EXTENDED TO LOWER LEVELS OF BELOW 4400 SPOT ( WHICH LOOKS HIGHLY REMOTE AT THIS JUNCTURE ).
MAJOR SUPPORT LEVELS
5101-5071 / 5034 / 4980-4941 / 4903 / 4837 / 4732-4700
RESISTANCE LEVELS
5172-5208 / 5251-5284 / 5322-5357 / 5470-5500
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