Hi All,
As posted earlier, Nifty faces a strong resistance near 10600-10710 levels and every rise in markets should be taken as a selling opportunity with a stop loss above these resistances.
Looks like Nifty is forming a bearish pennant like pattern (which is a Bearish continuation pattern) on daily charts and breaking 10500-10390 levels Nifty can further slip to 10260 levels and below which the doors are open for 10k levels on Nifty. Breaking of 10k levels will cause serious troubles for Bulls and Nifty can then move down to 9800-9600-9400 levels...
Nifty also showed a hidden bearish divergence on Daily charts (which is kind of opposite of the regular divergences we talk about) where in Nifty failed to higher than 10637, in spite of RSI is creating a higher high. This supports the bearish sentiment and levels of 10400-10270-50 will be important support zones.
A reversal for this bearish view is 10750 for Nifty....
Cheers
As posted earlier, Nifty faces a strong resistance near 10600-10710 levels and every rise in markets should be taken as a selling opportunity with a stop loss above these resistances.
Looks like Nifty is forming a bearish pennant like pattern (which is a Bearish continuation pattern) on daily charts and breaking 10500-10390 levels Nifty can further slip to 10260 levels and below which the doors are open for 10k levels on Nifty. Breaking of 10k levels will cause serious troubles for Bulls and Nifty can then move down to 9800-9600-9400 levels...
Nifty also showed a hidden bearish divergence on Daily charts (which is kind of opposite of the regular divergences we talk about) where in Nifty failed to higher than 10637, in spite of RSI is creating a higher high. This supports the bearish sentiment and levels of 10400-10270-50 will be important support zones.
A reversal for this bearish view is 10750 for Nifty....
Cheers
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