Tuesday, 16 December 2014

Nifty Update

Nifty Chart:

We discussed about BN 350 points rectangle in yesterday post and today we had a spectacular fall :)..  

Coming back to Nifty

Today's closing is exactly at 61.8 per retrace level of 7724-8627.
Channel support at 8044 which is moving down by around 10 points per hours. So tomorrow morning channel support will be around 8034-32 region. It also coincides with GAP support.

If Nifty manages to hold 8030-8035 zone then some pullback can be seen. But as long as Nifty remains in the channel(for aggressive) and for conservative traders below 34 hour ema it will remain weak. 

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Happy Trading. 

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