Weekly: Nifty witnessed good amount of volatility this year. 12k was tested in May-June apx 4-5 times. Back again, it got tested last week. However, the buildup seems interesting with huge green candles making its way to reach 12k which shows strength of the move. Last week, Moody's news played its part and we had a small red candle when people in general were expecting smashing off the 12k levels.
Daily is also making higher highs which suggests strength in upmove. 11665 was taken out quite nicely on 29th Oct. Again, we are at an important level.
From the 75 min, I am getting an important level of 11860 where the respectable 75m support, Trendline and EMA rub eyeballs. This level, if taken out, can give a quick short move, I feel. This is a very short term view.
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A beautiful respect to the circle
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Unable to break below the level
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Breaks below. Market does the reverse of what most predict!