FOLLOW UP NIFTY AT SUPPORT

On 21 Nov. in this post it has been mentioned that " Also note that if 4700 is taken out as shown in below chart the long term trend line around 4650 may also try to give support." Now see the result as shown in the chart today after breaking 4700, nifty within matter of 10 minutes crashed up to 4640, taken support there and reverse back. This is not coincidence this is power of technical analysis, u can predict future price movements with chart readings.

LONG TERM TREND LINE ON WEEKLY CHART.

Now if  4640 is taken out, it may fall up to 4450-4500. For any up-move 4720-30 will act as resistance.

CAUTION : TOMORROW IS EXPIRY DAY SO NIFTY MAY CLOSE ABOVE 4700 AS PER OPTION DATA ( HIGHEST OPEN INTEREST IN 4700 PUT). AND SINCE IT HAS TAKEN SUPPORT AT LONG TERM TREND LINE IT MAY TRY TO REVERT FROM HERE AND MAY START UP MOVE, AS OF NOW THIS LOOKS VERY REMOTE POSSIBILITY, BUT MARKET MAY TRAP MOST OF PEOPLE ON WRONG SIDE AND MAY MOVE IN OPPOSITE DIRECTION. THIS IS TIME TO BE VERY CAUTIOUS, STICK TO YOUR TRADING PLANS AND BE READY TO CHANGE YOUR VIEWS IF PRICE MOVEMENT SUGGESTS.

 DISCLAIMER: This Blog is meant for sharing my trading ideas only and no calls to be taken as trading recommendation. Visitors please do your own research or consult your advisers for safe trading.