I had clearly mentioned in the weekly outlook that nifty has formed a ‘head & shoulder’ pattern and on Friday it has managed to form a ‘Spinning candle’ which can give a swing movement and also had clearly and precisely mentioned about 4919 as the higher side and in the daily updates I specified about 4885. What happened next? Verify nifty future made a high of 4915 and once sustained below 4885 it was knocked down to 4774, for a while it sustained this mark and then again in the last 15 minutes of trade it came down till 4760 levels trying to touch 4747 level which is a crucial support. Now that’s what we call the precision of charts and the influence of levels.
Bank Nifty future had mentioned if fails to hold 8850 next support now comes at 8719-8700 and a break below 8700 panic selling can be witnessed towards 8470-8352. Verify below 8850 it was dragged down to 8700 and once 8700 was breached panic selling was witnessed till 8500 levels.
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