Bears close the day.....

Hi All,

As mentioned in yesterday's post, Nifty saw a small bounce in the opening trades today, however, was not able to sustain the resistances near 7860-7880 and came down drastically from there, even breaking yesterdays low.

Now, as mentioned earlier 7760-7750 is the last ray of hopes for bulls and if that is broken ever more pain left for the traders....

For investors all these dips are good buying opportunities.

Cheers

                                    

Bears attack, Bulls ready? ? ?

Hi All,

As expected, Nifty saw a huge decline after breaking 7960-7950 levels and now trading below 7800.

Now, the recent low of 7667-7650 will act the last ray of hopes for midterm bulls, sustaining below which will open the gates for 7500-7300-7000....

Even if there is a bounce, prima facie it will be a short lived bounce (called as dead cat bounce) and 8100 will act as a crucial resistance, midterm bias will only change after surpassing 8100-8200 levels.

However, for short term bias 7650 levels will be very crucial to watch out for and will turn positive if and only if Nifty surpasses and sustains above 7800 mark today or tomorrow.

Nifty on hourly charts have a Bullish Candlestick pattern called Hammer, so if Nifty sustains above 7800 mark, one can expect a short term bounce till 7975-7950-8000-8050-8100, however breaking today's low of 7746-7740 we can expect Nifty to reach recent lows near 7680-7650.....

Cheers...
Hrishi