Nifty' made nice150 points bounce, while in a bearish stance.
Do not get carried away with bounce as we are still in a correction,
the indicator are far below in the negative zone with out any sign of a consolidation.
My chart is bit messy with many lines and values, but don’t worry. What I want to say is the circled value 10417 is 38.2 % of the total fall can be taken as the first Break even point. Above which we may find bullish move. Before that if you see the chart closely, you can find that today's move is exactly find resistance at 38.2% of the last swing say from 10478.
Do not get carried away with bounce as we are still in a correction,
the indicator are far below in the negative zone with out any sign of a consolidation.
My chart is bit messy with many lines and values, but don’t worry. What I want to say is the circled value 10417 is 38.2 % of the total fall can be taken as the first Break even point. Above which we may find bullish move. Before that if you see the chart closely, you can find that today's move is exactly find resistance at 38.2% of the last swing say from 10478.
we reached the said break even level 10420, but with strong resistance.