Today the Indian stock market moves in a tangled range. During the day, Nifty breaks down support but not sustain below this mark and in the 2nd bar (5M) return from dug. Like I had expressed a possibility in the morning that even though the morning market showed a downturn, but it can not be believed and it was also seen. Please check my previous update.
Today #Nifty open between its Pivot & 1st Resistance levels with mild selling pressure. Even this pressure has not specified any weakness for the day. 11558 Mark is the important level for the day, below this, we can see a negative trend in Nifty future (Cm). And Slip up to 11482. 11606 Mark act as a hardel resistance for the day, above this, we can expect only 11633. MFI indicate overbought and Volume Index shows negative stability.
In the next 15 days, I am going to publish my new book and for that, I am checking the performance first. Although at present this time at 1:56 am, and I am feeling sleepy today but this work is also necessary. I have taken the last three months of data to check the performance of this book. If everything was perfect, and if I found the correct performance of this book, then in 15 days I will throw this book out on the market to sell it.
Today in the first session PC Jeweller shares plunge as much as 7.8 pct to a record low of 65.30 rupees. Yes breached 100% Fibonacci projection support. But in the 2nd session stock recover from its low and closed with a gain of 15.60% at 81.90.
But what happens next?
PC Jeweller closed above 4 SMA, this is the only single indicator indicate some bullish sentiment, either all technical indicator still in “BEARISH” trend. Even the other indicator MFI showed oversold condition for this stock.
Now 100% Fibonacci projection line act as a strong support. And Trend intensity (TI) rises to 36, suggesting a strong downtrend for the stock; MACD is also negative and below its signal line. Here I want to tell you In the morning at 10:21 AM. Trend intensity (TI) showed its value 37, and till closing time Trend intensity (TI) loss 1 point, this indicates some possible recovery. And this possible recovery may run up to 61.8% Fibonacci projection value (105.35). But please make a note here, below the 100% Fibonacci projection price may slip up to 121% Fibonacci projection value (47.84). Stock’s wave pattern suggests it’s in the last sub-wave 5 of the final wave (5) of a five-wave downtrend.
Disclaimer: No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.