it can be seen from the above chart that nifty has corrected after forming a lower low in shorter term and the confirmation has come by making a lower low i.e. closing below 5160. Technically it appears that we migh see further down sides. first support is at 5122 which happens to be 38.10% retracement, if it is taken out then we have next support at 5031 and 4951. In the current pattern it has been seen that when ever retracement has happened they were in the region of 61.8% to around 80%. so the targets comes to 4951 to 4821 so we have to prepare for this targets to be acheived.Tuesday, May 4, 2010
it can be seen from the above chart that nifty has corrected after forming a lower low in shorter term and the confirmation has come by making a lower low i.e. closing below 5160. Technically it appears that we migh see further down sides. first support is at 5122 which happens to be 38.10% retracement, if it is taken out then we have next support at 5031 and 4951. In the current pattern it has been seen that when ever retracement has happened they were in the region of 61.8% to around 80%. so the targets comes to 4951 to 4821 so we have to prepare for this targets to be acheived.
