This is a follow up article on my August 19th post. As we see Nifty finally made a low of 4720 last Friday and completed a 1000 point fall without any significant retracement. I have already sensed a selling exhaustion in the market. Last week market did a five % pull back and made a panic bottom on Friday.
Today, The down side trend line is broken and I expect nifty will at least complete 38.2% retracement of the entire down move.
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| Nifty breaking out of trend line |
As per retracement levels nifty will move up from here to 5100 and 5211 levels. Over all I expect that the up move from here will be sharp as it is today and Nifty will swiftly move upto 5211 and may be to 5325 levels. It will also fill the gap it created during its swift down move. From there on fresh selling should emerge which will take markets to lower levels.
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| Nifty Retracement levels |
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