Hi All,
Nifty trailed stopped out at 8800.....
As expected in the morning, Nifty took
resistance near 8850-8860 mark and fell almost by 50 points since then.
On the hourly charts now, Nifty has firmed
an Evening star like pattern which is bearish in nature, also the weekly chart
observation of a shooting star pattern gives more reasons to worry for bulls
now. Moreover if the markets closes near the 8800 levels, even the daily char
will form a shooting star pattern.
On the lower side 8780-8750-8720 and
finally 8675 will hold key for bears and if these levels are broken then a
Trend reversal is almost certain...
Hence, it is advisable for bulls to book
profits in Longs and wait for a suitable entry.
Cheers
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