Pre-Market View:
After the elaborate EOD post of yesterday, a pre-market view would become repetitive.
Following chart indicates the resistances that would be encountered immediately.
50DMA at 5642 is most likely to cause a push-down to prices --and the extent of that push down would decide the future course.
I see Nifty oscillating in 5645-5585 range today
And if the upmove from 5548.65 is a Leading Diagonal then it shows us the following road-map:
EOD Post:
50DMA point indeed acted as a good resistance but in reaching there, the pattern that got formed is that of an Impulsive 5 wave form( and not a Leading Diagonal that was proposed in the morning) in following way:
On the downside,34Hr EMA at 5608 provided the support.
For tomorrow, another tick above today's high to complete 5 wave Impulse and then a retracement is likely.
After the elaborate EOD post of yesterday, a pre-market view would become repetitive.
Following chart indicates the resistances that would be encountered immediately.
50DMA at 5642 is most likely to cause a push-down to prices --and the extent of that push down would decide the future course.
I see Nifty oscillating in 5645-5585 range today
EOD Post:
50DMA point indeed acted as a good resistance but in reaching there, the pattern that got formed is that of an Impulsive 5 wave form( and not a Leading Diagonal that was proposed in the morning) in following way:
For tomorrow, another tick above today's high to complete 5 wave Impulse and then a retracement is likely.
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