Sunday, August 4, 2013

CNX Nifty

CNX Nifty

CNX nifty is falling as posted earlier.

Links from my other blog
Earlier posts 1 
Earlier Post 2
Earlier post 3

Link in this blog
Earlier Post 4

We have been continuously advising to be cautious on investments to go long. One would have been selective in investments. Nifty may still see some more downside before having a shorter term rally.

Here are the charts of different time frames.

Daily Chart:

Daily Chart shows that Nifty is moving in channels.Initial support may come at around 5620 - 5605 levels.
If this support is broken then, Nifty may see the levels of 5300+ levels.

Weekly Chart:

Weekly chart says, Nifty closed above the support line. All indicators turned down showing more weakness in coming weeks. If support is broken then we may see more lower levels.

Nifty Monthly Chart:

Monthly chart gave bearish sign 4 months ago. From then it is in the process of completing its diamond formation.Chart shows that Nifty is landed on its trend line. Breaking of this line shows more of bearish market actions which may drag nifty to more lower levels. All Indicators are turning negative to confirm the bearishness. Earlier also posted this diamond formation on daily charts.

Fibo Fans:

Fibo fans shows that there is some more downside from current levels before market taking shorted trem bounce. 5550 - 5540 could be the support by Fibi fans from where nifty could see a some bounce.

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