Today Nifty closed below the "REST" trend line but finally took support exactly near my long term trend line. Nifty had a good support at 4800 but could not hold on to that due to lack of buying interest. I had given a buy call of Nifty at 4825 with sl of 4795. SL triggered. As in the last blog i have mentioned that the Nifty is trying to make a head and shoulder pattern. From here we will see some reversal.. If the Nifty turns around from here then it can easily touch 4950-5200 levels. Nifty for the completion of the head and shoulder pattern can come down till 4680. Nifty close should not below 4600, otherwise the doors are again opened till 4450. This could be the extreme case, and this could not be rulled out. 40DMA have also cut the 200 DMA from up to down. This could be the exterme case. The next levele can only be decided after 1-2 trading sessions. Keep both the levels in mind. Upside trend me more likely to trigger. So investors and traders can again buy at lower levels with the SL of 4600.
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