Hi all,
Nifty, after giving up 10700 levels, fell drastically on Monday and gaped down today to take support near the expected area of 10490-10550, mentioned in the earlier post.
However, 10530, which was a Supertrend support on daily chart was respected by bulls never before and they got back the entire control surrendered to bears in past few days, so much so that, the gap down opening triggered by the global sell off was off set and Nifty managed to close handsomely in green territory.
1. A positive divergence on 15 minutes charts
2. Strong pull back from the daily Supertrend support
3. A look alike of Piercing Line pattern (will trigger only above 10780-10800)
set up on daily charts, builds up lots of expectations for Bulls. Though this sounds very encouraging for bulls, any meaningful and decisive upside can only be expected when Nifty sustains above 10770 -10800 mark, which will then give higher top formation on hourly charts, a key for a reversal.
Cheers
Hrishi
Nifty, after giving up 10700 levels, fell drastically on Monday and gaped down today to take support near the expected area of 10490-10550, mentioned in the earlier post.
However, 10530, which was a Supertrend support on daily chart was respected by bulls never before and they got back the entire control surrendered to bears in past few days, so much so that, the gap down opening triggered by the global sell off was off set and Nifty managed to close handsomely in green territory.
1. A positive divergence on 15 minutes charts
2. Strong pull back from the daily Supertrend support
3. A look alike of Piercing Line pattern (will trigger only above 10780-10800)
set up on daily charts, builds up lots of expectations for Bulls. Though this sounds very encouraging for bulls, any meaningful and decisive upside can only be expected when Nifty sustains above 10770 -10800 mark, which will then give higher top formation on hourly charts, a key for a reversal.
Cheers
Hrishi
