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Nifty..

Discussion in 'Technical Analysis' started by vishuhd1, May 22, 2013.

  1. vishuhd1

    vishuhd1 Member

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    Nifty broke the major support of 6100 today and closed at around 6094... What can we make out of today's decline.. Is it possible to see some more downside in nifty levels?.. Please share your thoughts..
     
    vishuhd1, May 22, 2013
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  2. shabbir

    shabbir Administrator Staff Member

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    Nothing. 6100 was resistance and so it was taken out and so that is broken and so nothing much can be read from it.
     
    shabbir, May 22, 2013
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  3. vishuhd1

    vishuhd1 Member

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    Do you expect further downside?.. If so what would be the next support level?... Is it 5500?...
     
    vishuhd1, May 22, 2013
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  4. shabbir

    shabbir Administrator Staff Member

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    Not as yet.
     
    shabbir, May 22, 2013
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  5. vishuhd1

    vishuhd1 Member

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    Ok.. Thanks..
     
    vishuhd1, May 23, 2013
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  6. vishuhd1

    vishuhd1 Member

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    Nifty seems to be forming a bearish head and shoulder pattern as it could not crack the 6112 levels today... According to me, 6112 is an important level because its a left shoulder high price and also 61.8% retracement level of 13th May closing price which forms the neck... Hence, we might see some downtrend in the next coming days.. So, those who want to go long, please trade with caution..

    Your thoughts and suggestions are welcome...
     
    vishuhd1, May 28, 2013
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