Nifty is still making "Lower Lows" in daily chart,which needs to be arrested first to think about the end of this downtrend,for any upmove nifty needs to close above 50sma (now at 5070) consistenly,below 4980 next support comes at 4930/4880/4819.
The channel bottom line (see chart in previous post) for today is at 4995,any move below this will break the channel.
Regarding the doubt with the term "Higher bottom" mentioned in previous post,nifty shouldnot go below 4720 in next 2 months and should reverse anywhere above it (may be at 4980/4930/4880/4819) for a santaclause rally of 680 points upto 1st week of Jan 2012.
Kindly do your own analysis before taking any decision based on my views.
If the channel gives support at 4980 (higher bottom) Nifty spot (see chart below,if it breaks 4980 next support comes at 4880) and if nifty doesn't break these levels in the month of Nov-Dec we may witness a Santaclaus rally of 680 points from the higher bottom (yet to be formed).
My prediction may go wrong,so kindly do your own analysis before following me.
Nifty spot is very close to the gap support and channel bottomline at 5220,if nifty spot holds 5220 we may see a upmove from today,but if this upmove fails to go past 5400,nifty will fall minimum to 5140/5060 in coming days.
Do your own analysis before following me.
This message was posted on 2nd Nov,and nifty moved in line with my expectation and reached 5060 today,my next ultimate support for Nifty spot is at 4980,see the chart below (channel support)
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