Hi All,
After a stupendous rise of around 450
points, Nifty last week saw more of a range bound move of around 120 points,
thereby giving a small real body candle on the weekly charts.
As mentioned earlier, the level of
7540-7550 will remain crucial for any further upside and above which Nifty can
travel up to the penultimate level of 7600-7640.
On the lower side
7475-7440-7415-7390 will act as crucial supports to help the bulls gain the
corner.
We booked a profit
of around 50 points on Friday, and plan of action for today will be wait and
watch…
Importantly, Nifty is also making a diamond pattern on hourly charts, hence the break of 7400-7420 levels can also mean a short term trend reversal to the lower side...
Cheers
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