AS EXPECTED NIFTY SAW ITS SIXTH CONSECUTIVE DAY OF FALLS AND AGAIN BE SURE TILL EVERYONE START TO BELIEVE THAT MARKET HAS TURNED BEARISH , NIFTY WILL BE MADE TO FALL ONLY WITH A FACE SAVING FLAT DAY HERE & THERE. HAVING TESTED THE INTRADAY LOW OF 6012 SPOT ON TUESDAY AROUND THE LEVEL OF 50% RETRACEMENT & ALSO AROUND THE 50 DAY EMA, NIFTY SPOT MAY BE MADE TO MAKE A DECEPTIVE RISE BUT ONLY TO BE PULLED DOWN AGAIN TO TEST THE MOST IMPORTANT RETRACEMENT LEVEL OF 61.8% AROUND 5945. THE RUNNING WEEK BEING ANOTHER TRUNCATED WEEK WITH HOLIDAY ON THURSDAY 14TH, EXPECT SOME SHORT COVERING RISE ON WEDNESDAY & ALSO FRIDAY TO SLIDE AGAIN FROM NEXT WEEK TILL A BEARISH ATMOSPHERE IS INDUCED IN THE MINDS OF ALL TRADERS & INVESTORS ONLY TO FIND AFTER IT THAT NIFTY IS RISING AGAIN TOWARDS NEW LIFE TIME HIGHS.
FOR INTRADAY TRADING ON WEDNESDAY, SPOT NIFTY WHICH HAS CLOSED AROUND 6018 NEAR THE LOWEST POINT OF THE DAY, LOOKS WEAK FOR FURTHER SLIDE TOWARDS SUB 6000 SPOT LEVELS SO THAT IT CAN MOVE NEARER TO PEEP AT OR EVEN KISS THE FIBO 61.8% LEVEL OF 5945 BEFORE A REASONABLE BOUNCE. HOWEVER INSTEAD OF FALLING ON WEDNESDAY, IN CASE SPOT NIFTY MOVES UP TO SUSTAIN ABOVE 6040 TO 6045 ZONE THEN EXPECT HIGHER SPOT NIFTY LEVELS OF 6055 FOLLOWED BY 6075 TO EYE FOR 6100 AGAIN.
SIMILARLY ON THE LOWER SIDE , CONTINUANCE OF WEAKNESS FROM WHERE BEARS HAD LEFT NIFTY ON TUESDAY END OR A FAILURE ON THE PART OF BULLS TO LIFT NIFTY SPOT TO BREACH AND SUSTAIN ABOVE THE CRITICAL ZONE OF 6040 TO 6044 WILL SEE NIFTY AGAIN FALLING TOWARDS PSYCHOLOGICAL LEVEL OF 6000 FOLLOWED BY 5988 TO 5980 SUSTAINING BELOW WHICH WILL PUSH THE BULLS SOUTH TOWARDS 5970 FOLLOWED BY THE CRITICAL FIBO 61.8% LEVEL AROUND 5950 TO 5945 FOR A BOUNCE UPWARDS.
FOR INTRADAY TRADING ON WEDNESDAY, SPOT NIFTY WHICH HAS CLOSED AROUND 6018 NEAR THE LOWEST POINT OF THE DAY, LOOKS WEAK FOR FURTHER SLIDE TOWARDS SUB 6000 SPOT LEVELS SO THAT IT CAN MOVE NEARER TO PEEP AT OR EVEN KISS THE FIBO 61.8% LEVEL OF 5945 BEFORE A REASONABLE BOUNCE. HOWEVER INSTEAD OF FALLING ON WEDNESDAY, IN CASE SPOT NIFTY MOVES UP TO SUSTAIN ABOVE 6040 TO 6045 ZONE THEN EXPECT HIGHER SPOT NIFTY LEVELS OF 6055 FOLLOWED BY 6075 TO EYE FOR 6100 AGAIN.
SIMILARLY ON THE LOWER SIDE , CONTINUANCE OF WEAKNESS FROM WHERE BEARS HAD LEFT NIFTY ON TUESDAY END OR A FAILURE ON THE PART OF BULLS TO LIFT NIFTY SPOT TO BREACH AND SUSTAIN ABOVE THE CRITICAL ZONE OF 6040 TO 6044 WILL SEE NIFTY AGAIN FALLING TOWARDS PSYCHOLOGICAL LEVEL OF 6000 FOLLOWED BY 5988 TO 5980 SUSTAINING BELOW WHICH WILL PUSH THE BULLS SOUTH TOWARDS 5970 FOLLOWED BY THE CRITICAL FIBO 61.8% LEVEL AROUND 5950 TO 5945 FOR A BOUNCE UPWARDS.
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