Hi All,
As mentioned in the earlier post on Bears Fight Out ! ! !, the markets gave off after breaching 10780 levels and tanked near the crucial area of 10440-10500 now.
Below this area 10370-10400 would be the next Pit stop for bears as daily Shooting Star coupled with a weekly Bearish Engulf pattern suggests more pain in the markets. Even a close below 10584, the Super trend indicator changed to red on daily chart suggesting a start of a down trend as the change is also supported by price closing below the lower Bollinger band
There is no sign of respite for the bulls as of now and going long does not make any sense on account of lack of any material bullish signal.
Today's price action should be crucial and I feel a last chance for bulls to fight back. If yesterday's low and the support area mentioned earlier is not violated and Nifty gains / sustains an upward momentum, bulls can be in a position to take control, till then not at all advisable to be on the long side... An intraday level to watch out for bulls would be 10550-10580, above that Nifty might gain momentum...
As mentioned in the earlier post on Bears Fight Out ! ! !, the markets gave off after breaching 10780 levels and tanked near the crucial area of 10440-10500 now.
Below this area 10370-10400 would be the next Pit stop for bears as daily Shooting Star coupled with a weekly Bearish Engulf pattern suggests more pain in the markets. Even a close below 10584, the Super trend indicator changed to red on daily chart suggesting a start of a down trend as the change is also supported by price closing below the lower Bollinger band
There is no sign of respite for the bulls as of now and going long does not make any sense on account of lack of any material bullish signal.
Today's price action should be crucial and I feel a last chance for bulls to fight back. If yesterday's low and the support area mentioned earlier is not violated and Nifty gains / sustains an upward momentum, bulls can be in a position to take control, till then not at all advisable to be on the long side... An intraday level to watch out for bulls would be 10550-10580, above that Nifty might gain momentum...
Levels to watch out for short to mid term -
Supports - 1040-10440-10380-10320-10250-10150 (based on retracements as there are no major price bottoms till 9950)
Resistances - 10620 - 10680-10730- 10800- 10930
2 comments:
Thanks for the levels
These are my personal levels Rajneesh....
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