Hi All,
As expected the Rickshaw Man Pattern worked
and Nifty gave a huge movement on the upside after rightly taking support near the
mentioned level of 7420....
Today’s pull back though very strong is not
very convincing as the market breadth, i.e.the Advance Declines ratio is very poor and somewhat depressing for bulls at 280:1300 roughly also, other
than this even the volume as of now is also
on the lower side and hence it is advisable that we wait for tomorrow for
calling it a “CONCRETE CONFIRMATION” as
mentioned in earlier posts.
Other than these two factors a complete
credit goes to bulls for their efforts to take Nifty out of the bush by almost 150+
points.
As per the levels mentioned earlier first
target below 7540 was of 7420 and it seems to be achieved and Nifty has pulled
back up, a sustained rally like this and a Hammer Pattern on the Daily charts
(provided Nifty closes at the current levels) can suggest a pull back.
However, tomorrow’s confirmation is
required to know whether the pullback is just a relief rally or a short term
reversal.
Will update you all on today’s closing
Cheers
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