Since last three days Nifty is closing around the key support area 4734. Demand (4734) and supply (4781) are fighting to win this battle but no body is winning the war since last three days.We should follow the winner from here. Most major stocks also had the Dojis and hammers kind of formation. This tells me that we should see major movement in either direction in a day or two.
At higher end next resistance is 4841 or 4920
At lower end next support is 4640
S&P is also going through demand (1266) and supply (1282) war. In S&P case, we see that demand has little upper hand in this battle. Based on the my wave indicator (still under testing) next day should loose all todays gain (will find in next 18 hours...won't we).
Next strong resistance is 1293.
My feeling is that that both Nifty and S&P needs to digest some supply before making healthy move as we have very low week behind us and breakout with low volume which is the main worry point.
No comments:
Post a Comment