Hi All,
As expected, yesterday, Nifty took
resistance near 7720-30, the resistance based on falling window pattern and
corrected by almost 1% from Monday’s high and took a pause in the upmove after
a hat trick of positive closes (3 days in a row).
However, late buying from bulls helped
Nifty to bounce back and close in positive territory by 10 points, though it
did not close above the falling window level of 7720-25, the bounce can be
treated as a good sign.
Now, due to today’s price action the daily
chart shows not necessarily a bearish
but of course an alarming pattern, Hanging Man, hence going forward,
yesterday’s low near 7740 will be very crucial to watch out for, as a breath of
it can mean upper hand for bears.
On the upside resistances will be intact
near 7750-7780-7800....
Cheers
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