NIFTY AFTER MAKING A LOW OF 5252 DISPLAYED A REMARKABLE DEAD CAT BOUNCE WHICH MAY SPILL OVER TO FRIDAY ALSO BUT BE SURE NIFTY WILL BE PULLED DOWN TOWARDS 5300 LEVELS BEFORE THE BIG BOUNCE COMES OR IT MAY BE THE INITIAL BOUNCE FOLLOWED BY THE DECLINE THAT MAY BE TERMINATED WITH ANOTHER BOUNCE TO END THE WEEK ON A MUCH BETTER NOTE. IN ANY CASE ONLY A DECISIVE BREACH AND SUSTAINING ABOVE SPOT NIFTY LEVEL OF 5502 OR FUTURE NIFTY LEVEL OF 5488 CAN SEE MASSIVE SHORT COVERING FOR MUCH HIGHER LEVELS. A FAILURE TO BREACH 5488 FUTURE & 5505 SPOT WILL SIGNAL THE BEARS TO INDULGE IN MONSTROUS SHORTING AGAIN TOWARDS 5000 NIFTY LEVELS.
FOR FRIDAY NIFTY FUTURE FINDS INITIAL RESISTANCE AROUND 5445 FOLLOWED BY 5466 & THEN 5488 TO 5495 FUTURE LEVELS. SIMILARLY A BULL TRAP GENERATED ON THURSDAY END MAY SEE NIFTY SLIDING TO FIND INITIAL SUPPORT AROUND 5370 FOLLOWED BY 5350 & THEN 5323 SUSTAINING BELOW WHICH SUB 5300 IS A CERTAINTY TO RETEST 22ND AUGUST LOWS OF 5252 BEFORE A GOOD BOUNCE.
FOR FRIDAY NIFTY FUTURE FINDS INITIAL RESISTANCE AROUND 5445 FOLLOWED BY 5466 & THEN 5488 TO 5495 FUTURE LEVELS. SIMILARLY A BULL TRAP GENERATED ON THURSDAY END MAY SEE NIFTY SLIDING TO FIND INITIAL SUPPORT AROUND 5370 FOLLOWED BY 5350 & THEN 5323 SUSTAINING BELOW WHICH SUB 5300 IS A CERTAINTY TO RETEST 22ND AUGUST LOWS OF 5252 BEFORE A GOOD BOUNCE.
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