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nifty technical analysis : Heavy sell-off towards key support zone

On our last post on jan-5th, we talked about selling nifty around 7970-7940 resistance zone with a target areas around 7838,7721 & 7600 respectively & finally we see reaching all our targets.Since 7600 is a round number support, we prefer to exit short positions prior to that level.For now , 7600-7556 is seen as key support zone & if price holds the level there we may see another leg up towards 7970 layer of resistance & in case price breaks the support of 7556 successfully then we may see another rally of selling pressure towards more downside.Here is the entry chart analysis of this entire downward rally.


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SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.

PLS NOTE : All chart analysis posted above are the author’s own idea of trading for educational purpose only &  not any form of advice or recommendations or opinion to anyone.

January 7, 2016

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