Hi All,
Ray of Hope -
Though Nifty broke the recent
swing low of 8000 and slid further towards 7900 levels, however has taken
support near those areas and the now the Weekly hammer triggered for Nifty
above 8125.
Nifty can rally upwards and can
said to be have created a short term bottom if it sustains above the said
levels 8125...8155...
Reasons - (Please refer the chart below)
Weekly Hammer
Weekly RSI has taken support near 40 levels
Nifty has broken out from a falling Wedge pattern on hourly charts which is another ray oh hope....
Positional Traders can initiate
long trades (advisably above 8155) with strict stop losses below 7900 levels.
On higher side Nifty can eye levels of 8300-8460-8600...
Cheers
