Update - 1040 hours 22nd Mar 2019
Nifty has taken resistance near the weekly supple area near 11570-80
Today's trading action would be very crucial...
Cheers
Hrishi...
Hi all,
Bulls have been unstoppable this time. Though in the first half, index showed some weakness and traded sideways in a tight range of just 40-50 points, in the lat hour bulls came back strongly and even managed to take index higher than the high of yesterday's Rickshaw man / longed leg doji kind of patter, which usually suggests a reversal, only if the low is broken.
Since yesterday's low and crucial levels of 11400 are not broken and index surged towards the new 6 month high above the daily resistance of 10530, it looks like, if these levels are sustained, index can further rally towards the next resistance near 11580-11610.
My personal view is, next couple of days would be very crucial for Nifty, as to favour the BULLS, Nifty closed for a day above the rickshaw man pattern and gave a breakout while creating higher tops and higher bottoms, BEARS would be eyeing the next weekly resistance of ~11580 after creating a kind of bearish rickshaw man pattern and visibility of a small bear power in today's and yesterday's trade.
Looks like the forces would fight out the battle this week and let us know the path ahead.
For short to mid term traders, long positions now does not offer good risk reward and short positions, though look very rewarding, should not be entered without any bearish confirmation.
So it's better to wait and watch for a clearer picture..
Important levels to watch out
Supports - 11440-11390-11310-11220-11170-11000
Resistances - 11580-11610-11650-11700-11765
Cheers
Hrishi...
Nifty has taken resistance near the weekly supple area near 11570-80
Today's trading action would be very crucial...
Cheers
Hrishi...
Hi all,
Bulls have been unstoppable this time. Though in the first half, index showed some weakness and traded sideways in a tight range of just 40-50 points, in the lat hour bulls came back strongly and even managed to take index higher than the high of yesterday's Rickshaw man / longed leg doji kind of patter, which usually suggests a reversal, only if the low is broken.
Since yesterday's low and crucial levels of 11400 are not broken and index surged towards the new 6 month high above the daily resistance of 10530, it looks like, if these levels are sustained, index can further rally towards the next resistance near 11580-11610.
My personal view is, next couple of days would be very crucial for Nifty, as to favour the BULLS, Nifty closed for a day above the rickshaw man pattern and gave a breakout while creating higher tops and higher bottoms, BEARS would be eyeing the next weekly resistance of ~11580 after creating a kind of bearish rickshaw man pattern and visibility of a small bear power in today's and yesterday's trade.
Looks like the forces would fight out the battle this week and let us know the path ahead.
For short to mid term traders, long positions now does not offer good risk reward and short positions, though look very rewarding, should not be entered without any bearish confirmation.
So it's better to wait and watch for a clearer picture..
Important levels to watch out
Supports - 11440-11390-11310-11220-11170-11000
Resistances - 11580-11610-11650-11700-11765
Cheers
Hrishi...
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