The Gasp…
It was expected that market will weaken this week. But, it regained strength against expectations, even though there were several indications of weakness last week.
Now that it has broken out of the small Chart Pattern, CP. The expected target is 5400-5465. A close below 5210 will be the first indication of market reversing. However, a convincing breakout above 5465 could take NIFTY to the 5600 range. Of course, I do not expect such a huge breakout but a rally towards the above mentioned target range is expected.
The long term signal is still bullish. A convincing breakdown below 4786 will indicate the long term trend reversal.
These are the conditional movements. My calculated guess is that, NIFTY after testing 5400-5465 region, will be heading towards 5010-4963.
www.ftalarms.com has its NIFTY signal in the LONG mode from 4958
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
