Nifty stopped @ 61.8% of last rise (6079 to 6343)@ 6180.This is the crucial number.Below this 6132 is 80 % of last rise. If it breaks decisively then its a confirmation of reversal.
Today being weekly close 6150 is more important which is S1 on DAILY as well as WEEKLY basis. At the same time 6158 is 5EMA on WEEKLY basis.Now its a down trend on daily basis. Today closing below 6158 will confirm down trend on larger time frame i.e. on WEEKLY basis.
2 comments:
ORB up ...so short position covered @ 6220...
If NF 6197 breaks will take short position again
Post a Comment