Hi all,
Update on 17th Jan 2018 - Laaaao Bazaaar... Sensex 35 Hajaar... Bearish bias was not triggered... nifty did not break supports
Could not update the blog as was tied up with work...
This is the update on Nifty as on 16th January 2018, almost after 6 months...
Market update -
After a dream run of Nifty of 7.5% from 10000 to 10750, today bears showed up on charts...
On daily charts, Nifty had few things to worry for bulls and can provide some near term correction.
1. Shooting star pattern followed by a Bearish Engulf, both are negative signs for markets
2.Nifty also touched the upper Bollinger Band after September 2017
3.The price seems to be overbought as RSI is > 70
Since it's a daily chart, realistically, a fall of around 1 to 2% can not be ruled out if the supports near 10670-80 is violated.
Below the supports, levels of 10590-10565 which is a 50% retracement of the recent upmove from 10400-10750 and an upward gap on daily charts will be the first resort for bears, and thereafter the gates for 10500 and 10400 levels are opened.
Below. 10580, the short term bias will turn negative with targets near 10400, and below 10400 (low probability) even the mid term bias might change.
For any bearish trade based on this view will have a stop loss above the recent high of 10800...
Will try and update the view as and when the mentioned levels are breached....
Check the chart for your reference...
Update on 17th Jan 2018 - Laaaao Bazaaar... Sensex 35 Hajaar... Bearish bias was not triggered... nifty did not break supports
Could not update the blog as was tied up with work...
This is the update on Nifty as on 16th January 2018, almost after 6 months...
Market update -
After a dream run of Nifty of 7.5% from 10000 to 10750, today bears showed up on charts...
On daily charts, Nifty had few things to worry for bulls and can provide some near term correction.
1. Shooting star pattern followed by a Bearish Engulf, both are negative signs for markets
2.Nifty also touched the upper Bollinger Band after September 2017
3.The price seems to be overbought as RSI is > 70
Since it's a daily chart, realistically, a fall of around 1 to 2% can not be ruled out if the supports near 10670-80 is violated.
Below the supports, levels of 10590-10565 which is a 50% retracement of the recent upmove from 10400-10750 and an upward gap on daily charts will be the first resort for bears, and thereafter the gates for 10500 and 10400 levels are opened.
Below. 10580, the short term bias will turn negative with targets near 10400, and below 10400 (low probability) even the mid term bias might change.
For any bearish trade based on this view will have a stop loss above the recent high of 10800...
Will try and update the view as and when the mentioned levels are breached....
Check the chart for your reference...
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