recently we are following a typical pattern in mkt.we see a consolidation period in a range and we break from range with a gap opening and after moving up again we are going for consolidation in a range.we have seen good support around 10700 and 11600.after testing top of 14931 we are correcting.now where we can get support?
we had huge gap opening on monday post election results and low on monday was 13479 creating a gap betn 12300-13479.so now we can get first support near 13479.
if we look at retrcement lvls of move from 11621-14931, 38.2/50/61.8and 80% lvls are 13673/13276/12885 and 12283.we had seen 13700 today, next support at 13276. which is near 13479.
if we look at retrcement lvls of total move from 8047 to 14931 23.6/38.2 and 50% lvls are 13306/12315 and 11489.
so first lvl of 13306 is near 13479.
we can see good support betn 13500 and 13300.after that gap of 12300-13500 is to be seen . 12300 becomes next strong support.
