Support zone for today is between 5788-5814
Resistance zone for today is between 5854-5880.
(All are spot levels)
Yesterday Nifty spot got resisted exactly at Resistance zone and fell to my support zone and even below it,now for today (29th April)
Those who are short from yesterday can square off their shorts at my support zone or at 5721 (spot).
Have you all booked your profits in shorts at 5721,now if spot closes below 5721 it is danger sign for nifty.
If nifty spot closes below 5721 today,we might see a fast downmove close to my target,there is multiple supports near 5561-5577 and a trendline support close to it,so bears be carefull near that zone,on contrary if 5721 holds on closing basis in coming days we might see rangebound moves between 5721 and 5836,on extreme condition upto 5945.
I had given a broadbased view for 2011/2012,it may be wrong also (it is only my view),I think the immidiate support for nifty is at 5721/5675 if it gets broken it may test 5647/5577 in the month of May itself.
Nifty spot will be resisted between 5913-5945 and fall in the month of May to form a higher low above 5177,nifty will start a rally from the higher low formed above 5177 to form a lower high below 6338 and will fall with force to 4887,then the final upmove will commence which will break all time high of 6357.
Possible path of Nifty spot->[5913-5945] -> [5470-5561] -> [6064-6168] -> [4440-4887] -> [above 6357].
will the Low above 5177 be formed in the month of May or will have to wait for June
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