saint said:
Frankly,NIFTY looking like a H&S pattern on the hourly and looks like forming the rt shoulder right now.......can go either way,but looks like a short term short if 2280 is broken on NIFTY futs.
AMITBE said:
On the downside first, 2300 is an important support and on a break here, NIFTY could test lower levels in the 2280-2285 levels. Should these supports be tested, a bounce back at 2308-2312 would be stable levels for sidewards movement.
On the upside, for strength to return, a clear attainment of the 2320-2325 mark is vital. A close around 2330 would be splendid, and this level may well be tested if the sentiment turns positive.
On the upside, for strength to return, a clear attainment of the 2320-2325 mark is vital. A close around 2330 would be splendid, and this level may well be tested if the sentiment turns positive.
On the up side it even tested 2329.90 as I had suggested above.
Closing today was 2318, well above 2312, and closer still to 2320 is good enough for me.
A good thing today is that the A/D ratio was better than it has been for several sessions, and the midcaps seem to be creeping back into reckoning.