Hi All,
As expected, Nifty took a resistance near the psychological mark of 8000 and fell sharply by more than 100 points.
Going forward, the 7870-7840 levels will be
very crucial for bulls as they are key supports.
Also if Nifty breaks, it might give a
breakdown of the Head & Shoulders (Bearish) Pattern on intraday
charts (Please refer the chart), which
means it can fall further to its targets near 7770 levels.
Also RSI on hourly charts have taken
resistance near 60 levels which again is a serious bearish sign.
On the higher side, 7925-7950-7980-8000
will continue to act as major resistances for Nifty.
The short term bias will turn negative if
Nifty breaks crucial levels of 7870-7840......
We will initiate a trade after favourable
developments on charts....
Cheers
3 comments:
Hi Hrishi, I find you as Sincere and honest student of Technical Analysis. But I always see that you take wrong interpretations from RSI. I am Student of Mr. Andrew Cardwell. I dont have your email id or I will contact you on it.
My email Id is hrihsikesh@sharekhan.com. RSI Resistance near 60 is one of his guidelines only, i believe. Would like to know your interpretations as well.... Regards
Sorry the ID ,is hrishikesh@sharekhan.com and hrishi23383@gmail.com
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