Hi All,
Not adhering to the expectation, Nifty broke the supports near 8560-40 and rested near 8400 psychological mark.
It also saw a "HILARIOUS" bounce yesterday, which could not be sustained, however Nifty managed to bounce from the lower end of the channel suggesting a ray of hope.
Also, yesterday's gap up opening gave an Outside Professional Gap on intraday charts, which is usually held at least for short term.
Nifty, on weekly chart has taken support near the Supertrend levels of 8397, hence a close below these levels can be a serious threat for short to mid term
And the final "TRUMP" Card is the Hammer on daily charts of Nifty today.
However, the risk for the above expectation is the market depth today, where, Nifty bounced back sharply without increasing the number of Advancing stocks as compared to the declining stocks, which is not a good sign for Bulls....
Now, in a nutshell, though Nifty has signaling a bit of bullishness, one should not forget the HILARIOUS TRUMP card for markets, the US Presidential Elections, and the results will be surely disturbing market sentiments, hence traders are advised to either stay out of markets for couple of days or have a strict Stop losses for longs (below 8400-8370) as well as shorts (above 8570-8600-8650)
Not adhering to the expectation, Nifty broke the supports near 8560-40 and rested near 8400 psychological mark.
It also saw a "HILARIOUS" bounce yesterday, which could not be sustained, however Nifty managed to bounce from the lower end of the channel suggesting a ray of hope.
Also, yesterday's gap up opening gave an Outside Professional Gap on intraday charts, which is usually held at least for short term.
Nifty, on weekly chart has taken support near the Supertrend levels of 8397, hence a close below these levels can be a serious threat for short to mid term
And the final "TRUMP" Card is the Hammer on daily charts of Nifty today.
However, the risk for the above expectation is the market depth today, where, Nifty bounced back sharply without increasing the number of Advancing stocks as compared to the declining stocks, which is not a good sign for Bulls....
Now, in a nutshell, though Nifty has signaling a bit of bullishness, one should not forget the HILARIOUS TRUMP card for markets, the US Presidential Elections, and the results will be surely disturbing market sentiments, hence traders are advised to either stay out of markets for couple of days or have a strict Stop losses for longs (below 8400-8370) as well as shorts (above 8570-8600-8650)
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