![\"\"](\"https:\/\/www.cashthechaos.com\/blog\/wp-content\/uploads\/Niftywk3rdFeb12.jpg\" "\\"Niftywk3rdFeb12\\"")
<\/a>Nifty - Weekly charts<\/p><\/div>\n
On the weekly time frame, Nifty is above the weekly trendline from the Nov 2011 highs. A close above this level today would tell us that we are not in the same environment that we were in since Nov 2011. Alternately, a strong rejection from here would mean some bearishness.<\/p>\n
Likewise for many important inter-related markets like the Dollar Index, Gold and S&P 500 the markets are poised at a critical time and price window.<\/p>\n
Gold - 1765 is a 61.8%\u00a0Fibonacci\u00a0retracement level. As I write this, it is coming off slightly from the overnight high of 1761. Euro - the zone of 1.32 to 1.35 is important and the 17 nation currency has got rejected twice off this level. The US S&P - VIX is at a dangerously low level, momentum indicators are warning off lack of fire power.<\/p>\n
Time: Feb 6th\/8th happens to be an important time window for a short term peak ATLEAST for equities.<\/p>\n
The bottom line is the risks of being long here is very high - if you are long be nimble.<\/span><\/p>\n Nifty support and Resistances:<\/span> A drop below SUPPORT of 5225 would mean the first signs of \u00a0corrective decline to the move from 4530 to 5291. We have to evaluate if it might mean something bigger. A bare minimum correction of 4950 should come through.<\/p>\n In the event Nifty continues to head higher, RESISTANCE is at 5345.<\/p>\n","protected":false},"excerpt":{"rendered":" Nifty(5269): Nifty formed a ‘Doji’ pattern after overshooting the important resistance at 5275. We have momentum disagreeing with price rise above 5217 on hourly and daily time frame. This is normally a precursor to a drop. On the weekly time frame, Nifty is above the weekly trendline from the Nov 2011 highs. A close above […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,76],"tags":[],"class_list":["post-1409","post","type-post","status-publish","format-standard","hentry","category-indian-stocks","category-premium-content","category-42-id","category-76-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/comments?post=1409"}],"version-history":[{"count":4,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1409\/revisions"}],"predecessor-version":[{"id":1720,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1409\/revisions\/1720"}],"wp:attachment":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/media?parent=1409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/categories?post=1409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/tags?post=1409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}