ALSO SEE THE THE RED I HAVE DRAWN JOINING 6826 & 7405. NIFTY ON 28/3/2016 BROKE THIS . TODAY ALSO FAILED TO BOUNCE BACK ABOVE THIS .
& CHANNELING CAN HELP TRADING SETUP. APART FROM WHATEVER WE FOLLOW.
DUE TO RESTRICTION BECAUSE OF I AM NOT ABLE TO SHOW OTHER & CHANNELING.
BUT YOU CAN SEE THAT ON MY SITE ADDRESS IS https://amgonifty.wordpress.com/
As expected in our earlier report nifty opened gap down & during a volatile session nifty made a intraday low of 7667 & high of 7339. In all it was a good session for trading.
I have marked cycles on the chart. After making low of 7667 nifty retraced exactly 50% fibbo level of whole fall fro 7777 to 7667.
Conclusion: Most probably positional shorts will work on Monday. If the retracement of nifty is not complete at 50% level then nifty 1st it will retrace to 62% to 78.6% level which are 7735 to 7759. Then selling pressure may come. Stop loss for positional shorts is nothing but 7777 nifty recent high.
See the detailed chart at https://wordpress.com/post/amgonifty.wordpress.com/98