NIFTY Technical Update : 2:35 PM Of all the technical analysis techniques , one which has consistently (about 80-85% in my database) indicated the future course is Faster retracement on intra-day ( swing) and closing basis (both together)..Nifty has already retraced the rise from 7488 to7808 ( of 8 days ) in 2 days ( in 25% time!!!) and on closing basis Nifty is yet to close below 7493. Rise on closing basis ie from 7493 to 7787 days was in 7 days. Today is the 4th day of down closing. Another take away is If market is to take a direction on medium term basis then the faster retracement should be in half time . 8 days ( of rise) is a decent time for pattern formation . If Nifty closes below 7493 , then it would be faster retracement in almost 50% time. Given the fact, that on swing basis , low has been breached in 25%, it is quite likely closing day retracement would follow the suit.
Posted on: Fri, 11 Jul 2014 09:06:25 +0000
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