Nifty closed below 6000 level didn't break 5972.If that is protected then correction seems over in price point of view, but it will take time to initiate rally. So side ways movement for some days expected. If 5972 breaks then 5946 is major point to be considered.I f that too breaks then Nifty heading towards 5862/5828 or even lower.Today if close is above 6000 then there will be at least pause for downtrend
Nifty closed below 6000 level didn't break 5972.If that is protected then correction seems over in price point of view, but it will take time to initiate rally. So side ways movement for some days expected. If 5972 breaks then 5946 is major point to be considered.I f that too breaks then Nifty heading towards 5962/5928 or even lower.Today -as it is weekly close- if close is above 6000 then there will be at least pause for downtrend.
Nifty didn't stretch up to 6269 and reversed from 61% ratio of last fall(6343 to 5972). Yesterday was fantastic example of PIVOT based trading as far as INTRADAY is concern, and for POSITIONAL traders FIBONICA proved best one.Now 6100 is psychologically very important point. Will it break 5972 before expiry?? PE writers @ 6000 strike price will not let it go down below 6000 before expiry at least; if goes then 5946 is to be watched.
