Just kissed activation level for the target 6600

Nifty expiry has been the worst this year as it has closed below 7000 level which was last resort psychological level for traders. As i mentioned yesterday that a trade below 6960 would activate 6609, today nifty made low exactly at  6961 which can be termed as ‘kissing support”for the downside breakout.  As you all could notice in the charts, Nifty has taken support exactly retrenchment level which completes a “Regular flat”  of second wave of the recently started rally from 6869. But if at all we close below 6960 tomorrow, then we have to reverse the chart and consider this as Motive wave for the downside. Currently, it seems we should reverse looking at the support from European markets, but you never know what they will end at night. So Wait and watch for tomorrow closing!!

Leave a Reply

Your email address will not be published. Required fields are marked *