Friday, October 28, 2011

NIFTY IN CURRENT SCENARIO 28.10.2011:


Nifty has given breakout of the range of 4720 to 5170(450 points).I had advocated the levels of 50% of 4950 to be positive in Nifty. Now we have a channel breakout with targets of 5170 + 450 = 5620 on Nifty. Let’s not be euphoric about the bullish sentiments prevailing in the markets. Look at the big picture on the Nifty the trendline resistance connecting the tops of 5th  Nov 2010 comes to 5400 levels on the spot nifty. Also the Fibonacci levels from 5737 to 4720 are 5229(50%),5349(61.8%) and 5519(78.6%).  I expect the spot Nifty below the 5349 level to consolidate between 5349 to 5229 which will auger well for the further momentum. So one can easily short the spot nifty below 5349 for targets of 5229 with suitable stop  loss. Above 5349 I expect the markets to try to reach the level of 5519 on the spot nifty. Short term players can trade the range of 5349 to 5229 as consolidation may take place between this range. 
Happy Trading!

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4 comments:

  1. munjaal ravalOctober 28, 2011 at 12:46 PM

    nyc work ,,, thanx for sharing it :)

    ReplyDelete
  2. Gann School of TradingOctober 28, 2011 at 12:55 PM

    Hi MV,

    Thanks for the kind words.Your feedback is the sole motivation for keeping this blog on.

    Regards

    K B Raut

    ReplyDelete
  3. SUNILTDESHMUKHOctober 29, 2011 at 8:16 PM

    raut saheb khup chaan hope u continue ur good work ....endless love for technicals

    ReplyDelete
  4. Gann School of TradingOctober 30, 2011 at 6:57 AM

    Deshmukh Saheb,

    Namaskar.Aaple abhipray aavadle.Aaple aashirwad asech rahudya.

    Aapla Snehankit

    K B Raut

    ReplyDelete

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