End of the Day . . . ? ? ?

Hi All,

Looks Like an Evening Star ! ! !

After falling silently from 7600 levels and creating a Doji candle, Nifty on daily charts has given a bearish pattern which though not a classic one, but looks like an Evening Star.

I still believe, the lows of 7440-7400 will play an even more significant important role now after the formation of such an effective bearish pattern.

If, Nifty has to negate the pattern and move up, ideally it should not break 7450-7440 levels, below which 7400-7390 will be the last ray of hopes for bulls.

On the higher side resistances will be near 7485-7510-7535-7560-7600-7640….

As there is a sense of negativity on daily charts now, our Buy on Dips strategy should not be followed unless there is a strong evidence on the intraday charts.

Will update my view after the first hour of trade.

Cheers