The Nifty closed weaker at 2683 much below the 50% retracement level of 2755. However it is now much near to the 61.80% retracement level (2645) of the rise from the panic low of 2252 to the 3240 level.
I expect that a close tomorrow (Nov 19) above 2780 should lead to further follow up buying to 2850 - 2900 levels in the next 2-3 days.
Happy trading !!
CA Rajiv D Khatlawala
Head Research & Training
Jhaveri Securities Ltd
Baroda
1 comment:
rajiv
What do you think about the SP500 and the Nasdaq? They appear to me in a much weaker technical condition than the nifty.
If these indices have another big leg down, its going to be very difficult for nifty to sustain a rally.
Post a Comment