Bears Day out . . .

Hi all,

Unexpectedly Nifty broke 7700 mark without showing any respect, however as per the analysis after breaching that level in the opening today, it fell sharply and markets saw a blood bath.

Nifty is now trading near the supports of 7540-7560, and that’s a used support. The entire trend depends on it now. Below7530-7500, the gates for 7420 and even 7100 will be opened.

Nifty has to close below this support as I said yesterday and weekly close tomorrow will be extremely crucial. A weekly close below 7600 will be very disappointing for the markets.

In a nutshell, bulls only have a day or 2 to bounce back, if they want to, or else Nifty is set for downward targets as mentioned earlier

Cheers . . . .

Rising Window . . .

Hi Everyone,

As per the earlier post, 7980-8000 levels did the trick for bears and Nifty completely turned around the game.

Markets witnessed a heavy selling near 7980-8000 mark and almost shade 250 points on the lower side.

However, sticking to my earlier levels, Nifty is now trading near a crucial short term support of 7700-7730; there is a Gap up support (Rising Window Pattern) on daily charts from 7705-7720

If Nifty has to move up again for scaling further highs, it is extremely important to hold on to 7700 levels on closing basis, as after the breach of this level next area of support is directly near7500-7550 levels which is a used support and there is slightly a higher probability that markets will break this level if 7700 is broken...

So in a nutshell, bulls should pray that 7700-7730 levels are held and Nifty sustained above the levels, but below that it looks like market will not hold 7600-7500 levels...

Traders are advised to trade with strict SL with a slight bullish bias until Nifty is above 7700 levels.

Cheers

Hrishi