Nov 242010
The boundaries of yesterday's low and high marked an important level in many global markets. On Sensex/Nifty yesterday's low is of significance. It was not just a 'hammer' pattern - the low also came of an important trendline.
Nifty - Daily Charts
The trendline is more perfect if drawn on the Sensex, we can connect the lows of March 2009 through these significant lows. A close below yesterday's low can make things turn nasty and that makes yesterday's low a must hold.
8 Responses to “Yesterday’s low on Nifty/Sensex a must hold level”
Sorry, the comment form is closed at this time.
hello sir. one question if answered will feel good.best way to determine price target using technical analysis.till now i am using Fibonacci and resistances
Zubair,
Fibs and resistance are fine but keep all of these as price objectives rather than targets and stay with the trend until you think the trend has reversed.
once again thanks for your kind reply
Low breaks ???
what target are we looking at now? the original of 5700 will not break holds? (CNBC interview of stat month) or new lower possibility in mind? thanks in advance for your reply…
The breach of the lows happened in the last 30 mins of F&O settlement day and the drop in Nifty was not matched in the Sensex. So, I’m wondering if this might be a bear trap. If it is truly a breakout to the downside (it could very well be), the drop can continue to 5500 and change. If not, today should see a lower open and a strong close.
hello sir.according to your view dollar gone up.but now its falling since three days whats you view
It seems like a counter trend pull back. Highly unlikely that it will exceed lower than the lows made in November.