Hi All,
Did not use any bad word for the title of the post, it is a bullish pattern which is formed on the chart..
As mentioned in the earlier post, Leee Bazaar, Nifty saade 10 Hajaar, Nifty almost reached the pit stop of 10370-10400.
However, at least looks like that markets have given a ray of hope for bulls by creating a Bullish Harami Pattern, which suggest there can be an upmove also, Nifty took support near 50% mark of the entire rally from 9950-10900.
However, I am still not fully convinced for a bounce, as Harami is not as stronger as some of the other patterns like, Hammer / Engulf, etc and more importantly, though index have bounced back by almost 100 points from today's low, the market depth was not supporting this move where declines were more than advances, which, particularly after such a bounce back, is not a good sign (usually a strong pull back in prices should be accompanied by strong advancing stocks).
Going forward, I suggest, any long position to be entered only after one more valid bullish confirmation, even on the hourly charts may be, and an upmove can be visible above 10570-1580 levels.
Areas to watch out for Nifty -
Supports - 10440-10400-10380-10320-10250-10150
Resistances - 10560-10580-10620-10680-10730-10800-10930
Cheers,
Hrishi
Did not use any bad word for the title of the post, it is a bullish pattern which is formed on the chart..
As mentioned in the earlier post, Leee Bazaar, Nifty saade 10 Hajaar, Nifty almost reached the pit stop of 10370-10400.
However, at least looks like that markets have given a ray of hope for bulls by creating a Bullish Harami Pattern, which suggest there can be an upmove also, Nifty took support near 50% mark of the entire rally from 9950-10900.
However, I am still not fully convinced for a bounce, as Harami is not as stronger as some of the other patterns like, Hammer / Engulf, etc and more importantly, though index have bounced back by almost 100 points from today's low, the market depth was not supporting this move where declines were more than advances, which, particularly after such a bounce back, is not a good sign (usually a strong pull back in prices should be accompanied by strong advancing stocks).
Going forward, I suggest, any long position to be entered only after one more valid bullish confirmation, even on the hourly charts may be, and an upmove can be visible above 10570-1580 levels.
Areas to watch out for Nifty -
Supports - 10440-10400-10380-10320-10250-10150
Resistances - 10560-10580-10620-10680-10730-10800-10930
Cheers,
Hrishi
