5950 is a robust support and 5971 is 200 DMA. Caution needed for anything below 5950, until we get 2 consecutive daily EOD close below it. Market is oversold.
Monday, February 3, 2014
Update
Last friday was NR4/NR7 and NR14 day and below 6065, 5995 is supposed to be the target today for Nifty Spot. Double click and enlarge see the same in Hourly data. Nifty Spot has broken the day crucial support at 6064 and day bull stoploss at 6056.
Nifty Daily chart
x-wave after the 1st of F-leg as diametric or last G-leg in progress. 5970 retracement important to confirm triangle. Double bottom support received from 6024.25 (near 6027.25). Repeated testing will eventually break this important support.
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