NIFTY ROAD AHEAD...!!!

AFTER VERY LONG TIME WE ARE UPDATING BLOG.

ANYWAY IF WE TALK ABOUT EXPECTED ROAD FOR NIFTY THEN LETS TRY TO UNDERSTAND SAME VIA DIFFERENT CHARTS.

BELOW IS WEEKLY CHART RIGHT FROM WHERE RALLY CHART FROM SEPTEMBER 2013.

IN ABOVE CHART WE CAN SEE THAT SUPPORT TAKEN AT FIBONACCI GOLDEN RATIO (CHECK LAST GREY SHADED OVAL) NEAR TO 7590 LEVELS. BUT IF WE SEE CONSOLIDATION ALSO TOOK PLACE IN RALLY NEAR TO 6646 (1st OVAL) AND 7590 (2nd OVAL) SO WE CAN SAY THAT IMMEDIATE BASIS 7590 ACTED GOOD SUPPORT ON WEEKLY BASIS (WITH LEVERAGE OF 50 POINTS AS WE HAVE CONSIDERED RALLY OF 4000 POINTS)

NOW IF WE CONSIDER MONTHLY TREND THEN WE ARE INDEED IN DOWNWARD TREND. TREND ON MONTHLY CHART IS AS BELOW. 

IN SIMPLE WORDS IF WE SAY THEN WE ARE IN DOWNTREND AS NIFTY HAS FALLEN ABOUT 1600 POINTS FROM TOP. 

NOW LETS TRY TO CHECK SAME THING VIA FEW FIBONACCI RETRACEMENT ON DAILY CHARTS. 

FROM 9119 TO 7940 NIFTY MOVED IN ALMOST DOWNWARD SLOPE. 

NOW IF WE TAKE RESISTANCE MOVE FROM 9119 TO 7940 THEN AGAIN IT TOOK FIBONACCI GOLDEN RATIO NEAR TO 8668 LEVELS. (MARKED IN GREY OVAL IN ABOVE CHART)

NOW AGAIN IF WE CONSIDER HIGH OF 8668 & LOW OF 7540 AND TRY TO FIND RESISTANCE ON UPSIDE THEN 8229 IS NEXT RESISTANCE (AGAIN FIBONACCI GOLDEN RATIO ~ MARKED IN RED OVAL) IF THAT IS THE CASE THEN WE ALSO NEED TO CONSIDER ABOUT GAP MADE (MARKED WITH BLUE OVAL) BETWEEN 8225 & 8060 WOULD BE FILLED. (IN ABOVE CHART)

FINAL CONCLUSION

NOW IF WE CONSIDER PE RATIO FOR NIFTY THEN AFTER FRIDAY'S CLOSE IT IS AT 22.12 WHICH WE AGAIN FEEL MAKES INVESTMENT BIT EXPENSIVE & FRIDAY'S CANDLE (SHOOTING STAR) IS AGAIN GIVING SOME CAUTION FOR BULLS. IN EXTREME CASE WE CAN SEE RALLY TILL 8300. 

STANDARD DISLCOSURE:-

PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND IT MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST.