AMITBE said:
So far 3502 has arrested the sudden fall.
It's important to stay above 3518-3526, and climbing above 3531 should bring back stablity and strength.
The three levels are important to hold.
It's important to stay above 3518-3526, and climbing above 3531 should bring back stablity and strength.
The three levels are important to hold.
In fact above 3529, the downwards volatility ceased.
Returning of strength here means how the day closes, reflecting on the trend in the immediate term.
When certain crucial daily levels, which also concur with longer ranging levels, are taken or given up in the course of a session, there is usually a direct relationship on how the next one would pan out at opening, making a discount for external influences.
2527 amongst others was given as a major level by me yesterday, the reason 2526 was mentioned in the quote above as a level to stay above.
The next step-up level given yesterday is 3544, and the Nifty was unlikely to clear that tonight.
All these levels are in the post here: http://www.traderji.com/40952-post1077.html
The sharp selloff came out of nowhere, and a warning to this was made in the morning post.
Another interesting chart to see the falling and rising trendlines.
Note the closing value of 3535.85 falls right on the rising support trendline.
Attachments
-
11.9 KB Views: 24