NIFTY : 5907.3
Hi,
Readers,
Nifty did exactly the
same as was mentioned in my last blog on October 03, 2013 wherein it was
mentioned that Nifty on October 4, 2013 (Friday) will trade with bearish bias and
it was mentioned to trade with –ve bias only for intraday for October 04, 2013.
Nifty gave two bouts of downward movement on down side of 60 points each. Traders who would have Shorted Nifty any time in
the day would have earned profits.
It was also mentioned
to close the position at the end of the day.
I hope readers would have
enjoyed Profits.
Now What :-
Nifty had given bullish breakout of bearish head & Shoulder
pattern. Means, bearish head
& Shoulder pattern was made on hourly charts and Nifty has proved that bearish breakdown as false
and rose above that.
Although we have spotted the
same and mentioned in my blog on September 30, 2013 that rebound is coming
& the result is in front of you. We captured both the down and up moves in Nifty.
Now Nifty is even on the verge of
breaking out bullish Inverted
Head & Shoulder pattern on hourly charts above 5955.
This combination (Failed
bearish H&S pattern and making bullish H&S pattern) is interesting. (H&S is Head & Shoulder)
Nifty on its immediate
charts is positive. Which says that money shall be made on long side BUT BUT… pattern
support to Nifty will be available only if it sustains above 5955.
Banking Stocks have started making some patterns that are looking interesting on positive
side.
But they will move
only if Nifty moves or vice – versa.
BUT… do keep one eye
on strong news flow from within the country and especially from US which is threatening
to be bad and adverse and is capable of forcing the Nifty to go down.
Trade accordingly.
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