Update @ 5.45 PM :
Both the key economic data, IIP and Inflation, surprised positively...
Guess today's rally was discontinued this....
Let's see if we get a repeat of Buy the Rumour ... Sell the Fact tomorrow....
Cheers....
Hi All,
After a sell off on Friday, really did not expect this kind of rally, however, with a borrowed bullishness from the Hammer like pattern on daily charts mentioned earlier (on 8th March), Nifty managed to cross the hurdle near 10300 and rallied by almost 2% or 200 points to cross 10400 (resisted near 10440-10450 zone).
A short term upmove can not be ruled out, though with lesser favourable Risk and Rewards at this point in time... Sorry for not figuring out this rally...
One thing is very clear, that unless Nifty surpasses and sustains above 10650-10750 levels, the mid term bias continues to be negative and till then every rise should be used as a selling opportunity.
The resistances going forward are, 10460 (very critical, as it is also near the downward trend line)-10520-10550-10650 and short trades can be initiated near resistances with stop losses.
Cheers !
Hrishi
Both the key economic data, IIP and Inflation, surprised positively...
Guess today's rally was discontinued this....
Let's see if we get a repeat of Buy the Rumour ... Sell the Fact tomorrow....
Cheers....
Hi All,
After a sell off on Friday, really did not expect this kind of rally, however, with a borrowed bullishness from the Hammer like pattern on daily charts mentioned earlier (on 8th March), Nifty managed to cross the hurdle near 10300 and rallied by almost 2% or 200 points to cross 10400 (resisted near 10440-10450 zone).
A short term upmove can not be ruled out, though with lesser favourable Risk and Rewards at this point in time... Sorry for not figuring out this rally...
One thing is very clear, that unless Nifty surpasses and sustains above 10650-10750 levels, the mid term bias continues to be negative and till then every rise should be used as a selling opportunity.
The resistances going forward are, 10460 (very critical, as it is also near the downward trend line)-10520-10550-10650 and short trades can be initiated near resistances with stop losses.
Cheers !
Hrishi
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