Hi All,
As expected yesterday, after creating a
bearish Belt Hold pattern on hourly charts, Nifty could not cross 7210 mark and
tanked sharply till 7050-7030 levels. And the Morning Star Pattern could not be
confirmed.
On daily charts Nifty the RSI has taken
resistance near 40 mark which is a bearish sign, however as mentioned yesterday
a Hammer on daily charts can offer a respite for bulls so the low of the Hammer
should be broken on closing basis to change the bias, however on account of
lack of further bullish confirmation, buy decline strategy should only be
applied after a confirmation on hourly charts. Those who bought yesterday after
the market decline can think of booking profits at the opening today as SGX
Nifty is already up by around 40 points. Still risky traders can take a chance
of buying on dips with final supports below 6850...
Going forward, 7140-7175-7210 will act as
strong resistances for Nifty today where as 7000-6945-6910 will act as
supports.
The India Vix, though dropped sharply in
the first half of the trading session, it bounced back sharply from a demand area
near 17%, as expected traders need to take a look at the same as key important
events are lined up for this month end as suggested earlier.
Cheers
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