Nifty is
forming a distribution pattern since 21st September. In the given
chart we can see head and shoulder pattern. If Nifty gives a weekly closing
below 5620 the markets will sell off aggressively toward 5450 levels.
 |
| Nifty 30 Minutes Charts |
In the
given chart we can see that Nifty had been moving in a channel since this rally
started in May 2012. Nifty felt resistance at the upper end of the channel @
5800 levels and have turned back from there. Now looking at both these charts
the probability of markets selling off is very high. Traders should keep tight stop loss. Any dip
will be a good buying opportunity as I expect markets to take support at lower
end of trend line i.e. 5400 levels
 |
| Nifty 60 Minutes Chart |
Summary:-
Markets will
sell of aggressively if nifty closes below 5600.
Markets
should find support at 5450 levels.
Any fall
should be a good buying opportunity with stop loss of 5375 on Nifty.
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