Hi all,
As per the last post, Nifty did not sustain / close below the support mark of 9350, hence did not witness any meaningful downside....
Now on daily charts, pessimists have freshly appeared with a classic Bearish Engulf pattern (Bearish pattern) and now 9620-9580 levels will be very crucial to watch out for.... A bearish outlook only and only below these levels....
Going forward the support zone of 9620-9580-9540 will prove to be very crucial for deciding the further direction.....
Below the support zone, Nifty can expected to be corrected till 9430-9340 levels...
I will still stick to my view that after such an upmove, a short, healthy correction will be beneficial for a long term upsurge in Nifty... However the time for such a correction may not be certain...
The Monetary Policy outcome will also have a lot of impact and is likely to give further direction for markets
Let's read charts and try to get the early birds advantage.....
Cheers
Hrishi
As per the last post, Nifty did not sustain / close below the support mark of 9350, hence did not witness any meaningful downside....
Now on daily charts, pessimists have freshly appeared with a classic Bearish Engulf pattern (Bearish pattern) and now 9620-9580 levels will be very crucial to watch out for.... A bearish outlook only and only below these levels....
Going forward the support zone of 9620-9580-9540 will prove to be very crucial for deciding the further direction.....
Below the support zone, Nifty can expected to be corrected till 9430-9340 levels...
I will still stick to my view that after such an upmove, a short, healthy correction will be beneficial for a long term upsurge in Nifty... However the time for such a correction may not be certain...
The Monetary Policy outcome will also have a lot of impact and is likely to give further direction for markets
Let's read charts and try to get the early birds advantage.....
Cheers
Hrishi
