Nifty – daily ( spot prices )

Here's the chart we discussed in the trading room a few minutes back

 

Zig Zag Nifty - Daily ( Spot Prices )

 

The chart shows the value area for the move from 4770 to 6111 in green ( smaller profile) in the Nifty against the larger backdrop which is balanced.

 

We are focusing on the activity from June 2012 and from the level of 4770.

 

As can be seen we had 4 major uptrends each of which measured 578, 416, 599 and 563 points respectively.

 

The downtrends against these moves measured 316, 232 , 267, and 257 points respectively.

 

Purely from a Profile perspective it still shows the buyer in control on this time frame.

 

From the highs the current lows to Friday measured 257 points and well within the range of correction seen for this uptrend.

 

We continue to see 5816 ( red line on chart) and Friday's lows near 5866 as important levels for a longer term perspective.

 

Largest volume traded for the move is at 5684 which when violated will break the uptrend.

 

A confirmation of resumption is now above 5945 with a target of 6300 intact as per this chart.