NIFTY Spot : 6168.4
Hi,
Readers,
As it was clearly
mentioned in my last blog that if Nifty closes below 6240, Readers should close
all the long position and step aside.
Nifty closed at 6237
on Thursday and immediately on next day gave gap down open and maintained that
gap and closed at 6168.4. It is always better to close the position on time. And
the readers of this blog had the opportunity to exit at right time.
Now What :-
Nifty is poised very
interestingly at this point.
It has made an ISLAND REVERSAL PATTERN on daily chart. Which is a very strong reversal
pattern and has the potential to force Nifty to go down. Which may happen or
not time will tell.
This pattern will hold
good till the time Nifty is closing below 6230. This pattern will fail once Nifty
will give close above 6240.
But on an immediate
basis Nifty seems to be taking support of 6070 to 6100 levels. Expect a small
rebound in Nifty in coming days. This rebound will decide
the fate of Nifty.
Important levels to
watch for Nifty are :-
Level of 6240 on up
side for rebound, which is very important level for multiple reasons.
Level of 6070-6100
around levels which seems to hold and force Nifty to rebound. Very short term charts of Nifty are showing that
it is deeply oversold and can rebound any time.
Trade accordingly.
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