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Nifty Overview 1

Hi

In my last update I have given a time outlook on Nifty around 21^st June. A sharp Decline witnessed on 20^Th June which turned the sentiments into bearish tone. In the given chart u can see that below 5050 market may reach up to 4780 which is a Important  support level and breaching this level will push nifty in a intermediate bear market. Although possibilities are very thin at this juncture but people who have seen the decline of 2008 know very well that anything is possible in this market.

4780 is cluster of two very important range retracements. It is a 38.2 Bottom to Top retracement of  2 Year long market rally and it is 100% range projection of Previous down leg and  200 week Moving average is placed around this level so as per my view this should be last bottom if market take out 5050 some day.

Time is more powerful  then price ,I usually tell to my fellow traders  and I have proved it at many occasion earlier , even in my last post a few days ago I forecast date of 21^st June+/- 3 days to be high volatility day and it worked very well. Although I believe that the word CERTAIN is not meant to be used in Technical analysis but Fine tuning of Technical Indicators usually produce some stunning results on chart  with Time and Price combination . I would like to watch for July 7 and  July 23 as a Important Dates for market volatility or trend change Pls allow adjustment of +/- 3 days in given dates. (Dates are for indicative purpose only and I am not using astrology in my Technical analysis). I will update more  Time and Price pressure points in coming post. Keep visiting my blog ….

Thank You.

Happy Trading

Nifty June Series

Nifty

As per my last update in April I have warned that nifty is heading towards a correction. It has corrected around 600 Points from the intermediate Top and turn into sideways bearish type of pattern.

Nifty is Fail to break 5600-5650 level resistance on upside and holding low of 5328 made on 25^th may. Market is showing  nervousness and Trend is completely sideways. Nifty is getting good buying support around  5350  Once this bottom is breached then next significant support is placed at 5200 and 5050.On the upside 5550 to 5650 is major resistance cluster for nifty. I am watching for dates around 21^st June which is a 90 Degree from March 21^st low of 5348. I expect a change in trend around 21 (+/- 3Days). For confirmation we need to check volatility in the markets around these dates.

Further, I will update my views on nifty around these dates.

Thanks