Will Nifty Break 4720 ?

Human emotion is both the source of opportunity in trading and the greatest challenge.
Master it and you will succeed.
Ignore it at your peril.

Nifty Hourly

Lets start from Hourly charts One Big Red Candle did the Whole Damage.. From Morning Nifty kept on trading between 4830-4875. Than came the free fall which led to panic selling as soon as low of 4756 got taken out.

I feel we are forming a base around 4700 levels as its the 3 time Nifty has bounced from the level of 4700, On the contrary it makes a case for bears also as Support has been tested for 3 times and next time if selling comes its bound to break down.

I will go with Double Bottom scenario(Bullish Pattern) where Nifty made a slightly higher bottom ..

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Rgds,
Bramesh
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http://www.brameshtechanalysis.com/

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