NIFTY SPOT : 8341.40
Hi,
Readers,
Market has
come down as expected and has given breakdown.
Nifty has
given double top breakdown below 8520 on daily charts and weekly charts.
Nifty has made
bearish evening star pattern on weekly charts and is about to make bearish
engulfing pattern on Monthly charts and Shooting star pattern on Quarterly charts.
Now wait for
rise in Nifty as this level is not good to go short again as risk reward for
shorting is not in favour at these levels.
Nifty has
entered in the oversold zones and the ideal support is at 8150 around levels Where
200 DMA, Bollinger Band and many other indicators are giving support. Normally
First support comes before the ideal support level.
RSI has
reached at 30 level on daily charts which is also indicating that Nifty will
want to spend some time in range bound movements.
Because of above
mentioned reasons, Now, Nifty has become sell on every rise.
Current week
is truncated week with only 3 trading days.
Expect range bound
movement in these three days.
Wait for the
rebound to come which will give further opportunity for trade.
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