Dear readers,
I have made some minor alterations on charts. In the following chart I have changed my trend line a bit (to take more conservative view of market) The support which was near 5600 had shifted to 5450. Similarly the neck line for the pattern of heads and shoulder had shifted to 5200 instead of 5300. Therefore any decisive break below 5200 will result into a further fall up to 4700.
This view is confirmed by the fact that if we take retracement from the lows of March 2009 to high of November 2010. The first retracment (23.6%) comes to around 5444. Which is where the market is taking the current support. This is also the trend line area as we can see from the charts.
My overall view remains bearish. A pull back may come next week but that should result into a further fall in the market.
I have made some minor alterations on charts. In the following chart I have changed my trend line a bit (to take more conservative view of market) The support which was near 5600 had shifted to 5450. Similarly the neck line for the pattern of heads and shoulder had shifted to 5200 instead of 5300. Therefore any decisive break below 5200 will result into a further fall up to 4700.
Nifty Weekly chart
This view is confirmed by the fact that if we take retracement from the lows of March 2009 to high of November 2010. The first retracment (23.6%) comes to around 5444. Which is where the market is taking the current support. This is also the trend line area as we can see from the charts.
My overall view remains bearish. A pull back may come next week but that should result into a further fall in the market.
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