NIFTY : 5471.80
Hi,
Readers,
Nifty was very
volatile in the last expiry week exactly what was mentioned in my last blog.
Incidentally last week close was also at same level.
Nifty has made double
hammer in weekly charts. It is a rare pattern which indicates that Nifty wants to
give further rebound.
Also in daily charts
Nifty is making Double bottom which is a reversal pattern.
Important Point to
remember here is that overall trend of Nifty is down. This pattern should be
viewed as rebound only. Trade accordingly.
Another important point is
that these are the patterns which are in the making. Breakout of these patterns
is yet to come.
For Nifty 5520 level
is very important.
Nifty Above 5520 and stays
above 5520 is a buy. But for this rebound, there is a condition that once it
closes above 5520 it should not give close below 5450. If it closes below 5450
than this rebound pattern will fail.
Do not make long position
till Nifty is below 5450.
But where to short ???
For this keep reading the blog it will be updated as and when it happens.
Nifty has to stay
above 5520 to confirm this rebound and the target of which is around 5700 –
5750 levels. But remember in this move, try to book profits on every rise as
the overall trend is down.
Nifty will give very
small trading opportunities, watch for the level of 5700 for rebound and 5250
for downside for time consuming process. Nifty wants to consume some time in range. But in this time consuming
process stock specific opportunities will be there.
Book small profits in
Nifty as virtually daily opportunity will be there.
Trade accordingly and
be nimble footed.
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| NIFTY DAILY CHART SHOWING DOUBLE BOTTOM PATTERN |
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| NIFTY WEEKLY CHART SHOWING DOUBLE HAMMER |
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