“By the Law of Periodical Repetition, everything which has happened once must happen again, and again, and again — and not capriciously, but at regular periods, and each thing in its own period, not another’s, and each obeying its own law… The same Nature which delights in periodical repetition in the sky is the Nature which orders the affairs of the earth. Let us not underrate the value of that hint.” ~ Mark Twain
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1) 50% Retrenchment created at 5391.
2) Lower Trend line Channel is at 5360.
3) Possibility of 5188 after breaking Lower Trend-line Channel.
As shown in chart below that you are seeing nifty weekly chart is just at lower channel support and 50% Retracement level is also placed around that zone. There are very low chances of bounce back yet, you should not create fresh short selling position. Look on chart (Buyer can enter 5340 to 5368 with stoploss of 5300)
Mr.Guru is a registered investment advisor for Moneymunch, he is a regular guest on popular channels and writes for several newspapers and financial journals. They've black magic of stock market analysis because studied charts over 20 years.
