Update, 28th June 2018 @ 1600 houes
Target of 10550, almost achieved with the low of the day at 10557.
On, hourly charts, Nifty has given a Bullish Hammer, and prices should sustain above 10620-25 to see a bounce. Will update the blog, if there is good near term buying opportunity.
Cheers
Hrishi
Hi All,
As posted earlier, Nifty could not take out 10840 and 10930 levels, even during any intraday trades, and that motivated bears to take control, thanks to a weekly Shooting Star (for the week ended 15th June 2018) and a Dark Cloud Cover pattern on Daily charts.
Now that, Nifty has broken below the consolidation of 10700-10830 area and moreover broken the crucial supports near 10670-700 and an upward trend line near 10670 (please refer the chart in the previous post), bears are all set to take it to the next pit stop near 10600-10570-10550. (Refer the chart below)
Below these levels, the downfall can even be stronger for short term which might take it towards 10400 levels which is the weekly bottom, and hence crucial for a medium term / positional trend.
Bulls, well, at any cost 10840-10900-10940 levels have to be surpassed for any meaning full upside henceforth.
The bias for the markets would now be bearish with short term target near 10550, and below that 10400-10420 can be visible, which is a med term support. Below that, it looks pretty ugly for bulls.
Cheers
Hrishi
Target of 10550, almost achieved with the low of the day at 10557.
On, hourly charts, Nifty has given a Bullish Hammer, and prices should sustain above 10620-25 to see a bounce. Will update the blog, if there is good near term buying opportunity.
Cheers
Hrishi
Hi All,
As posted earlier, Nifty could not take out 10840 and 10930 levels, even during any intraday trades, and that motivated bears to take control, thanks to a weekly Shooting Star (for the week ended 15th June 2018) and a Dark Cloud Cover pattern on Daily charts.
Now that, Nifty has broken below the consolidation of 10700-10830 area and moreover broken the crucial supports near 10670-700 and an upward trend line near 10670 (please refer the chart in the previous post), bears are all set to take it to the next pit stop near 10600-10570-10550. (Refer the chart below)
Below these levels, the downfall can even be stronger for short term which might take it towards 10400 levels which is the weekly bottom, and hence crucial for a medium term / positional trend.
Bulls, well, at any cost 10840-10900-10940 levels have to be surpassed for any meaning full upside henceforth.
The bias for the markets would now be bearish with short term target near 10550, and below that 10400-10420 can be visible, which is a med term support. Below that, it looks pretty ugly for bulls.
Cheers
Hrishi
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