WILL IT BOUNCE BACK FROM HERE

On 11 Nov. in this post http://kolhapuritrader.blogspot.com/2011/11/will-it-hold-5170-80-today.html we have mentioned that " As shown in hourly chart 2, nifty is range bound whithin 5215- 5315 since 1/11/11,  so now if hourly close is below 52125 it may target 5215-100 =5115 . Also in hourly chart there is descending triangle formation which gives target of 5065.
Also if u observe chart 1 50SMA ( shown in pink colour) is at 5050 on daily chart

AND Conclusion : short term - downtrend target 5115, 5050-65. " THUS BOTH THESE TARGETS HAVE BEEN ACHIEVED WITHIN TWO TRADING SESSIONS. 

DAILY 50 SMA

 Now as shown in the above chart yesterday it closed at 50 SMA on daily chart so if yesterday's low which is 5052.85 so approximate 5050 is held ( ON CLOSING BASIS NOT INTRADAY ) , there is possibility of bounce back ( i.e. up move ) . AND THE RESISTANCES ( I.E. TARGETS ) FOR THIS UP MOVE WILL BE 5120, 5170/80 , 5200.


NOTE : short term trend is down


              intermediate term trend is up


              long term trend is down.


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