AMITBE said:
To mystify things even more, the Nifty in a dramatic and ironical manner, closed on the nose of the twilight zone at 2899.85. Twilight zone, the threshold, a liminal space, the same thing.
Above that level are the sunlight days of 2900 plus, and directly below is the gateway to the gloom of the netherworld.
Im picking the above quote from the mornings post on January 6 to begin today. Since then the Nifty has tested support at
2780 levels.
The quote below is from the same day, post noon:
AMITBE said:
2917 was lost and so was everything else.
2877 has held the fall for now, and that also happens to be one of the turning points besides 2889 mentioned.
It seems the play around these levels has begun at last.
The Nifty could never really take
2917 despite attempting it twice and got as far as
2927 intraday. And as for the turning points mentioned, well, the play did last there for a spell and even tested supports a hundred points lower still at another critical zone,
2799.
The two quotes above have been pulled to highlight the fascination that these numbers have with repetitive patterns, and also to point at the drama and flare with which they play out their progress.
Yet again about two weeks later the Nifty is poised at that vey same point: There is hardly any difference between
2899.85 from then, and
2900.95 today.
Yet again the sunshine days above
2900 beckon the Nifty.
And again
2917 is the enchanted level to take and hold. This level was pointed out as early as mid December when the Nifty had just finally broken above
2835 levels.
So where to now?
A few days ago I had written that a hundred points above
2865 is full of congestion.
2917 remains to be taken.
How high could things go from here?
A couple of sessions ago I had suggested a couple of numbers that are coming up:
2953 and
2973. These would be interesting to watch when the action gets there.
And today is a bad day for sure, mainly for the US markets tacking a sharp fall.
Nothing more to add for now, the levels etc are clear for now.
For today,
2906-2909 are important to clear to begin with, then
2915-2918-2922-2925. Will come back with more as running out of time, and supports are more important for now.
2894-2889-2886-2882.
2882 is important to hold and
2876.