NIFTY WEEKLY UPDATE
SUMMARY:-
*index has bounced back from 15380 twice now
*index today will gap-up above 15750
*index has a crucial support @15700-15670 zone
*we are in a bear market rally so it can be called correction
*according to swing pattern analysis this correction ends above 16800
*is nifty coming to fill up the gap and trap new longs
*like we discussed pcr was oversold now if gap closes then pcr will start to enter overbrought
*wall street rallied due to recession coming sooner
*their markets are observing the pension funds and rebalancing
*they were execpting 200 billion dollars worth of rebalancing funds
*a bear market pullback rally it is clear and simple
WHAT TO WATCH FROM TODAY
*dont give into the rally
*we will gap up alot
*lots of resistance level on the upside
*will market move above 20-dma
*will market retest the 50-dma
*if its a bear market rally index should reject those levels and move down back
*watchout for auto sector shares they are in a bull zone of their own
NIFTY RESISTANCE LEVELS TO WATCH
15944-16050-16160
NIFTY SUPPORT LEVELS TO WATCH
15740-15670-15550
*index has bounced back from 15380 twice now
*index today will gap-up above 15750
*index has a crucial support @15700-15670 zone
*we are in a bear market rally so it can be called correction
*according to swing pattern analysis this correction ends above 16800
*is nifty coming to fill up the gap and trap new longs
*like we discussed pcr was oversold now if gap closes then pcr will start to enter overbrought
*wall street rallied due to recession coming sooner
*their markets are observing the pension funds and rebalancing
*they were execpting 200 billion dollars worth of rebalancing funds
*a bear market pullback rally it is clear and simple
WHAT TO WATCH FROM TODAY
*dont give into the rally
*we will gap up alot
*lots of resistance level on the upside
*will market move above 20-dma
*will market retest the 50-dma
*if its a bear market rally index should reject those levels and move down back
*watchout for auto sector shares they are in a bull zone of their own
NIFTY RESISTANCE LEVELS TO WATCH
15944-16050-16160
NIFTY SUPPORT LEVELS TO WATCH
15740-15670-15550
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*index update and oi analysis
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