NIFTY : 6164.35
Hi,
Readers,
As was mentioned in my
last blog dated Oct. 18, 2013 to book full profits and exit, even after 4 days Nifty
is still standing at virtually the same level.
Also refer to my blog
dated Oct. 06, 2013 in which it was mentioned that Banking Stocks are making positive
patterns. Now today all the baking stocks are much above the levels on Oct. 06,
2013. Those who have not booked profits in Banking stocks can book full profits
here.
What Now :-
Nifty is now showing
the signs of distribution. In last four trading sessions Nifty chart has made
Distribution / bearish pattern on daily chart. Nifty has made Doji, Hammer and
shooting star candle stick pattern which are bearish signals pending
confirmation.
But the confirmation
of the same is still to come.
Below 6110 Nifty will
be bearish but the final crackdown level of Nifty is 6050.
This 6050 should be the
level where any person trading with technical analysis would not like to have any
long position in Nifty.
Nifty have to stay below
6050 to go down further.
Trade accordingly and
wait for the breakdown whenever it comes.
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