Hi All,
As per the last update of 3rd October, Nifty rallied almost till 8800 levels without breaking the crucial zone of 8500-8550.
Now, after falling for 5th day in a row, Nifty is again near the supports of 8500-8550. However we need to understand that the support zone now is surely getting weaker after so many instances.
Also, what is more concerning for bears in a Head N Shoulder pattern unfolding on daily charts and a close below 8550 will really mean an All Clear of Bulls at least for short term.
However, again a small ray of hope for bulls is the Hammer on the hourly charts near these crucial support areas. The Hammer will get confirmed if Nifty crosses 8580 levels and sustains above the same for today,which in turn will mean that Daily closing will be above the Head and Shoulder neckline, negating it at least for today.
So in a nutshell, 8500-8550 remains to be crucial supports before bears star a complete dominance.
Risky traders can go Long in Nifty with SL below supports and targets on the higher side near 8650-8690-8750-8810.
Cheers
As per the last update of 3rd October, Nifty rallied almost till 8800 levels without breaking the crucial zone of 8500-8550.
Now, after falling for 5th day in a row, Nifty is again near the supports of 8500-8550. However we need to understand that the support zone now is surely getting weaker after so many instances.
Also, what is more concerning for bears in a Head N Shoulder pattern unfolding on daily charts and a close below 8550 will really mean an All Clear of Bulls at least for short term.
However, again a small ray of hope for bulls is the Hammer on the hourly charts near these crucial support areas. The Hammer will get confirmed if Nifty crosses 8580 levels and sustains above the same for today,which in turn will mean that Daily closing will be above the Head and Shoulder neckline, negating it at least for today.
So in a nutshell, 8500-8550 remains to be crucial supports before bears star a complete dominance.
Risky traders can go Long in Nifty with SL below supports and targets on the higher side near 8650-8690-8750-8810.
Cheers
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