Last Engulf....

Hi All

Personal Observation..

Markets gave a bearish engulfing pattern at the end of a down trend... which is a sign of relief. Its termed as Last engulf pattern and can help markets to have a small pull back with supports near 7540

Trend Line support....

Hi All,

As per the earlier post, Nifty rose and took a resistance near the first supple zone near 7980-8000, and retraced sharply to below 7800 levels.

However, Nifty now trades at a crucial Trend line support and a close below it (i.e7770-7750) can take Nifty to < 7700 levels, though 7700 will be an important support to watch out for.

Traders need to be cautious on the Long as well as short side as markets are trading near vary crucial support

Cheers