Mixed trading positions in previous week 5268-5458 and Assembly election results will be declared on 06-03-2012 as well as negative results for Congress will certainly badly hamper sentiment therefore coming sessions may be highly volatile and follow up selling after any nervous news may result slipping below 5340/5268 also. Keep in mind all following 7 Supports of 2012 Rally with their strength:-
Nifty-EOD Chart(02-Mar-2012):-
1- Strong support and base formation between 4532-4670
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
Sustaining below 5340/5268 will mean retracement of 20-Dec-2011 begun rally according to following Fibonacci Retracement Levels(4531-5629):-
Nifty-EOD Chart(02-Mar-2012):-
13.0%- 5486
23.6%- 5369
27.0%- 5332
38.2%- 5209
50.0%- 5080
61.8%- 4950
70.7%- 4852
76.4%- 4790
78.6%- 4765
88.6%- 4656
Sustaining below 5340 will mean intermediate term trend turning down and that will mean:-
1- 3 weeks to 3 months down trend and more down moves possibility within this period.
2- Testing possibility of above Supports and Retracement Levels.
Next support range(5120-5190) below 5340 is most important and long term trend decider also because it is containing little above and within it following crucial levels:
1- 38.2% Retracement Level- 5209
2- 55-Day EMA - today at 5192
3- 200-Day EMA- today at 5185
4- 200-Day SMA- today at 5167
Sustaining below 5340 will be first strong indication and sustaining below 5268 will be confirmation of deeper correction also and above mentioned levels will prove most helpful in thst situation.
Nifty-EOD Chart(02-Mar-2012):-
 |
| Just click on chart for its enlarged view |
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
Sustaining below 5340/5268 will mean retracement of 20-Dec-2011 begun rally according to following Fibonacci Retracement Levels(4531-5629):-
Nifty-EOD Chart(02-Mar-2012):-
 |
| Just click on chart for its enlarged view |
23.6%- 5369
27.0%- 5332
38.2%- 5209
50.0%- 5080
61.8%- 4950
70.7%- 4852
76.4%- 4790
78.6%- 4765
88.6%- 4656
Sustaining below 5340 will mean intermediate term trend turning down and that will mean:-
1- 3 weeks to 3 months down trend and more down moves possibility within this period.
2- Testing possibility of above Supports and Retracement Levels.
Most Important Support Range
Next support range(5120-5190) below 5340 is most important and long term trend decider also because it is containing little above and within it following crucial levels:
1- 38.2% Retracement Level- 5209
2- 55-Day EMA - today at 5192
3- 200-Day EMA- today at 5185
4- 200-Day SMA- today at 5167
Sustaining below 5340 will be first strong indication and sustaining below 5268 will be confirmation of deeper correction also and above mentioned levels will prove most helpful in thst situation.