The Monthly Nifty chart Clearly shows that the Breakdown of 5880 levels would lead to a break down of Channels dragging Nifty to lower levels.
The Day charts clearly indicates support at 100 DMA
Development of Bearish Shark Pattern in Hour Charts:
Development of Bearish Shark
Pattern.
OX -6229 - 5936
A - 6134 -61.8% retr of OX
B - 5883 - 113%
-127% retr of XA
Holding current Low
@ 5883,
Proj for C:
88.6% of OX - 6195
or 161.8% of AB -
6289
If 100 DMA @ 5895 breaks
decisively then it would be an ABCD pattern i.e.,
A - 6229
B - 5936
C - 6134 - 61.8%
retr of AB
Projection
for D:
127% retr of BC -
5880
141.4% - 5854
161.8% - 5813
SYNOPSIS: Holding of 100 DMA is very important to avoid futher downsides.
