Monday, October 19, 2015

Nifty Chart

Key levels to watch 8218-8200 for 8147-8127
Key levels to watch 8257-6829 for 8317-8329.

As per expected, first target reached.  Why it was halted around 8228-8252.
Simple technical reason, always Swings halted at 138.2% [8257] or 161.8%.[8379],
That is why at the time Nifty reached 8055, insisted dont short here.
[everybody expected around here short for Double Top reason].

First bounce back from 7691 [7539-8055 swings 61.8%], so minimum
TARGET 138.2% at 8257 [Fridays high 8246 almost reached TGT].

Above 8260 close will lead nifty towards 161.8% of the current swing 8379
But supercycle 9119-7539 swing's 50% @ 8329].
So Close above 8260 will hit minimum target 8329 maybe with flash rate
around 161.8%  of current swing at 8379 Lower top / Higher lows Trend
line also around 8369

So minimum swing above 8252 will lead up to 8369-8379, Strong resistance.

50% of the overall cycle [9119-7539] at 8329,  So, as of now close
above this level is very important to lead the rally further.

Profit booking around 8369-79 is MUST.

wait and watch for further move.

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