An update on the same old chart posted in March 2015 with two long term scenarios explained above and below 8135. The scenario of Nifty below 8135 level has been unfolding and Nifty closes for the first time in 52 weeks below 7000 level and likely to face resistance @ 7365 and the second bearish target of 6555 is just 400 points away. It will be a short on rise scenario for the next 2-3 months until and unless the volatility index (VIX) does not fall below 20 levels and brings stability to the prices. The volatility tends to go berserk in a highly confused market with panic setting in.
Happy trading !!!
Second Update - 2016
Volatility index contained below 20 and Nifty creeps up from the lows of 6825 in February towards 7950 so far and now likely to attempt 8050-8135 based on the results of the top players. Happy trading !!!
BREXIT AND AFTERMATH
Further to the earlier update, the Volatility has breached the level of 20 in the aftermath of the Brexit vote and the instant reaction of the market to drop into an indecisive phase. Once again, it can be observed that the technical level of the 8135 in the market is once again into the picture and Nifty is weaving around this level as a pivot. Happy trading !!!
