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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.

07.01.2016-3

My opened Trades 07.01.2016 : MEMBER ACCESS ONLY


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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