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REPORT PUBLISHED ON https://amgonifty.wordpress.com/2016/05/02/nifty-eod-02052016/
REPORT AVAILABLE AT : https://amgonifty.wordpress.com/2016/05/04/nifty-eod-04052016/
On the trading day of 04/05/2016 Nifty opened gap down as expected as nifty closed below 7780 yesterdays. So morning only it has given 60 points if we are short yesterday. Then nifty made intraday high of 7749. Today was again a neo wave pattern observed which diametric bow tie shape pattern. Which resulted in good short trade after completion of G wave & brake of red trend line as shown on chart.
Key points to remember now:
1> Nifty broke 7741 fibonacci grid level & closed below it. So stop loss for small positional traders will be 7741 + 10 points above it is 7751.
2> If you see my midterm chart, nifty has broken the red channel lower line. So this is an important guide line for me.
3> Now resistances which are apparently immediate are 7717 which is gap area lower line & 7741 which is our fibo grid line. Then next targets can be then 7680 then 7630 then 7590 then 7516.
4> Any move of nifty above 7741 now will call for a fresh look at the chart.