Nifty Future chart August Series :
Perspective : Same as yesterday- The bounce off the lows yesterday nearing 200 points, RM’s wonderful charts of the MO which are displaying extremely oversold values, seem to be indicative of a bounce in store. Generally such counter reactions tend to be violent, and if the lows hold for the next two days, we should rally by 6-10 % over the next 4 weeks.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
2) A failed auction at 5233
Chart Speak :
1) pr2 at 5078 and pr 3 at 5044 are supports for the market today
2) resistance seen at PR1 5182.
3) 5050 zone is an important base for the market to hold.
.
Perspective : Same as yesterday- The bounce off the lows yesterday nearing 200 points, RM’s wonderful charts of the MO which are displaying extremely oversold values, seem to be indicative of a bounce in store. Generally such counter reactions tend to be violent, and if the lows hold for the next two days, we should rally by 6-10 % over the next 4 weeks.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
2) A failed auction at 5233
Chart Speak :
1) pr2 at 5078 and pr 3 at 5044 are supports for the market today
2) resistance seen at PR1 5182.
3) 5050 zone is an important base for the market to hold.
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