NIFTY ANALYSIS

Monthly Chart:

Break of 5950 levels and weekly close below it would bring down Nifty to the CHANNEL support

 

Nifty has retraced upto the junction of support  lines.
Support at this levels 50 DMA could lead to a swift rally upto 6250++
Break below  50 DMA and close below it is likely to bring down Nifty to below 5800 levels.

DAY CHART : A Reciprocal ABCD pattern has been formed in Nifty Day Charts. Holding 5950 a rally upto 6250++ is possible.

 

 

Completion of Reciprocal ABCD pattern

AB - 6093 - 5700

C - 6343 - 161.8% of AB

D - 5972 - above 50% of BC but below 61.8%

Breaching of 61.8% @ 5940 would invalidate this pattern.

Strict SL for Longs as per the pattern would be EOD close below 5950.  

 

 

 

Projections holding 5970

23.6% - 6060

38.2% - 6113

44.7% - 6137

50% - 6157

61.8% - 6201

78.6% - 6263.6