i always post my views with charts to let people understand what happened technically and what may happen, this is for those who don't believe TA/charts works at all in mkt.
so coming to the point, see how nifty again took support on the blue trendline today. this situation alongwith positive div intraday on indicators makes it a candidate for bounce which can last upto 5088-5114(falling dotted blue resis line) if global mkts are supportive. closing above that it will be bullish.
on the other hand if slides below todays low nifty can lose 50 points more below that.
ew update:
so as given earlier 5175 proved too much for nifty and it led to profit booking as expected(see previous posts). of course since long time all the downmove from 5298 i was viewing as a three leg correction, acc to that view of mine currently we are in third leg a tentative tgt could be about 4785-4900 if blue channel line gets broken in coming days. lets see.
