Nifty Mid Cap to move till 1550

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Nifty Mid Cap is moving in a down trend by forming a lower high and a lower low formation. On 31st of July 2013 prices broke its crucial support of 1802 and moved lower till 1722 as on 2nd August 2013. This clearly suggests that prices are negatively poised and has the tendency to move lower.

To justify our view we have used advance technical tools to find out the desired support and resistance of this index.

We have used Gann Fann and have placed it on the top made on 9th January 2013 from there on prices have moved below 1x1 line which is a very crucial to identify the support and resistance. Currently prices are below this line which clearly suggests that it is facing the resistance of this line. As far as prices move below this our favored view for this particular index is negative and can move lower till 1550 levels.


Nifty Mid Cap Daily Chart



We will not be publishing the method to forecast in this article

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