Stock market is a pure play of price fluctuation, you only need to consider the best buying and selling rates in a market.
We see people making losses is due to wrong price interpretation, people are entering at wrong level and even after this mistake they are holding it for wrong timing.
So two things to consider in market while trading, proper price with proper timing, which give you the best result on your investments.
As we mention last week that nifty has support of 6770-6750 and below that we mention that, 6650 level and nifty taken support at 6650 level exactly and able to bounce back again.
As per current chart development we can see that, last week nifty able to make “BEARISH ENGULFING” candlestick pattern on chart, and it able to confirm the same below 6770 level as we mention the same level, now recently in last session nifty has given a “INSIDE BAR” candle on chart.
It has also given a triple bottom in a range of 6650 level.
As per the weekly chart development of nifty it has given a “GRAVESTONE DOJI” candle last to last week, and in last week it has given a “BEARISH BELT HOLD” candle on chart so all this patterns and near term bottom support range is 6600-6650.
As per the monthly chart development nifty has given a “DOJI” candle as well as a “SHOOTING STAR” pattern is in development now, so as per monthly chart nifty’s last month’s high and lows are highly important on closing basis, if price able to move beyond this range then we can expect some big moves with the desire direction from the market.
So as of now we can see that nifty is having a major positional support in a range of 6650-6600 range. Till the time this support is not broken on closing basis we cant expect a fall in our market.
Levels for coming days are 6650-6600 support below this 6550-6400-6250 possible if close come below support level.
If able to give green candle near to this support or close above 6750 and then after above 6780 level will give up direction in market till the level of 6850-6900-7050 levels.