AMITBE said:
And when would an opportunity be deemed as seductive enough?
Obviously the formation of an important bottom would be it.
2745 was mentioned as one such level.
But yesterday it was repeatedly under threat and the close at 2749 sits precariously close to it. However it did seem resilient enough to at least once sharply push the Nifty back towards 2764, and for the rest braved the savaging all day.
So I am still eyeing 2745 as being it.
The only other level in the 2700s that could do the job is 2721.
..................
The levels:
2764 has to be taken and held without dithering for a return to higher levels.
2721 may form a base.
To the up are 2752-2754-2756-2758-2764.
If 2764 is taken and held, 2775 becomes the immediate target with 2769 and 2772 in the way.
Pushing this through now and will edit to post down levels very soon.
The down levels are 2742-2739-2737-2735-2731-2729-2727-2725-2723-2721.
If more are needed will post later
Obviously the formation of an important bottom would be it.
2745 was mentioned as one such level.
But yesterday it was repeatedly under threat and the close at 2749 sits precariously close to it. However it did seem resilient enough to at least once sharply push the Nifty back towards 2764, and for the rest braved the savaging all day.
So I am still eyeing 2745 as being it.
The only other level in the 2700s that could do the job is 2721.
..................
The levels:
2764 has to be taken and held without dithering for a return to higher levels.
2721 may form a base.
To the up are 2752-2754-2756-2758-2764.
If 2764 is taken and held, 2775 becomes the immediate target with 2769 and 2772 in the way.
Pushing this through now and will edit to post down levels very soon.
The down levels are 2742-2739-2737-2735-2731-2729-2727-2725-2723-2721.
If more are needed will post later
So far so good.
2745 was strong enough to pull the Nifty back from the early slide at 2725, a tad above 2721 which was mentioned to be another likely base.
Close enough.
We may not have seen the end of the drop to test lower levels yet, as the shorters are going to pounce on every high.
Now back above 2764 and fighting for 2775, if there is follow through buying here, we are likely to see some strong short coverings should the action move into the 2780s.
Above 2775, the immediate goal would be 2783 and then 2790 which is pushing it yet possible if we remain high.
Above 2775, the important conflict levels would be 2777-2779-2781.
Above 2783 are 2785-2787 to 2790.
As long as 2764 remains strong in either direction, the shorts would keep caution, so that's an important level to watch.