Dear friends, here I am going to
make my view on NIFTY SPOT strictly
for learning purpose not for trading
and inviting views of my learned
friends for purely as a STUDY
purposes. I makes my analysis one
and only on PRICE ACTION and never
using any indicator or theory/study.
From a LOW 5118.85 on 28 August,
2013 to the HIGH 8626.95 on 4 Dec.,
2014, NIFTY made HIGHER HIGH and
HIGHER LOW and never breached the
previous swing low.
Let's take the
LOW on 28 August, 2013 as 5118.85
and rallied to the level of 6415.25
on 9 Dec., 2013 and corrected to the
level of 5933.30 on 4 Feb., 2014 and
then again rallied to the new high
to 6869.85 on 25 April, 2014
and
then corrected to the level of
6638.55 on 8 May, 2014 and again
rallied to new high to 7563.50 on 16
May, 2014 and then corrected to
7118.45 on 30 May, 2014.
Again
rallied to new high of 7840.95 on 25
July, 2014 and then corrected to the
level of 7540.10 on 8 August, 2014.
Again rallied to new high of 8180.20
on 8 Sept., 2014 and corrected to
the level of 7723.85 on 17 Oct.,
2014 and again rallied to recent
high of 8626.95 on 4 Dec., 2014. So
now the ROCK BOTTOM for Nifty spot
is 7723.85 and a STRONG SUPPORT is
7840.95 which was a SWING HIGH on 25
July, 2014. In view of this, I would