A million Dollar Question? I tried to explore a bit deep into lower level charts to find the answer. Now read on…
The chart pattern being formed for the last couple of days on the 15 Min chart is a Broadening Formation. I have numbered the touched on the border lined. Now. I see two possibilities.
- From tomorrow morning, it starts drifting towards Point” 6” and then breakdown. Note that “6” approximately matches the 200 DMA.
- Tomorrow morning, it spikes again to point “5’ (Approx 4820) and finally doing a fast rewind to break point “6”, and then settle down near 4550. It can happen either tomorrow or day after. Not sure.
I see more chances for the second option.
I do not at present see a possibility that NIFTY takes support at 200 DMA, unless tomorrow’s price action proves otherwise.
