Nifty Daily.
Nifty moved as Anticipated.
Yesterday, nifty closed at 5772. A break below that will lead it further down to approx. 5660 and then to approx. .......... However, the most important thing to be dealt with is the situation if Nifty retraces ...... than .......% of it's previous up move, i.e. if Nifty moves below 5550 levels. If this breaks down, it will create disaster in the market. And then Nifty can even fall till 5200.
( An abstract from my post dated 13/06/2013.)
As mentioned in the above abstract, we predicted that Nifty will create a free fall once it falls below the 5550 levels. The daily chart posted above is a crystal clear evidence of the sharp decline and the Indian benchmark index made a low of exactly 5200 on 20/08/2013. However, the day when we anticipated the 5200 mark; Nifty was hovering around 5770 and the charts were very clearly showing whats on the cards.
As of now, the trend continues to remain bearish. The rise in US Bond yields, commodities, fall in the Rupee against the USD etc. are just cementing and add on factors to the bearish wall which is being built on our benchmark index. Even the Spot Gold is showing bullishness on the charts currently facing major resistance at $1390, a break above this mark can take if further till $1435 as T1 and further till $.......... as our T2. Other commodities are also increasing world wide.
Hence, their seems to be no respite to the fall in Nifty.
In short, one should see if Nifty makes a double bottom at 5200 as the low on 20/08/2013 was just a spike. But a break below 5200 would add fuel to fire, and the Indian benchmark index can fall till 5115 as the next target. And a bounce back from here on would give an upside targets of 5375 as T1 and 5475 as T2.
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