Update - 10.05 AM 8th May 2019
Short traders can book partial profits at the first support zone mentioned near 11400... trail stop loss at cost...
Update - 2.55 PM 8th May 2019
Nifty breaks 10400 as well, next pit stop near 10340-11300-11220-11170 . . . . Continue holding shorts with trail stop loss above 10530 (cost), conservative traders can even trail stop loss above 11460-70
Cheers
Hrishi
Hi All,
As expected, after a Positive Hidden Divergence, Nifty rallied sharply, we were fortunate enough to book profits near 11800, as after breaking the crucial support zone near 11540-560, Markets sold off very badly and currently trading below 11500 mark, down by more than 100 points.
In this entire bargain, Nifty, on daily charts has created a bearish Head And Shoulder Pattern, for which the neckline was the same as the previous support zone of 11550....
Sustaining at these levels, Nifty can move down further till the HNS targets near 11300-11250. Also, there is a crucial bottom for Nifty near 11300 which will act as the next pit stop. Below that, the zone of 11180-11230 will act as supports being an upward gap on the charts.
Supports to watch out for - 11450-11400-11350-11310-11220-11170
Resistances - 11640-11670-11700-11780-11810-11850-11870
As Nifty has started a series of lower tops and lower bottom, a bearish indication, Traders are advised to sell / sell on rise with targets near the supports mentioned above and a strict stop loss above 11810.
Cheers
Short traders can book partial profits at the first support zone mentioned near 11400... trail stop loss at cost...
Update - 2.55 PM 8th May 2019
Nifty breaks 10400 as well, next pit stop near 10340-11300-11220-11170 . . . . Continue holding shorts with trail stop loss above 10530 (cost), conservative traders can even trail stop loss above 11460-70
Cheers
Hrishi
Hi All,
As expected, after a Positive Hidden Divergence, Nifty rallied sharply, we were fortunate enough to book profits near 11800, as after breaking the crucial support zone near 11540-560, Markets sold off very badly and currently trading below 11500 mark, down by more than 100 points.
In this entire bargain, Nifty, on daily charts has created a bearish Head And Shoulder Pattern, for which the neckline was the same as the previous support zone of 11550....
Sustaining at these levels, Nifty can move down further till the HNS targets near 11300-11250. Also, there is a crucial bottom for Nifty near 11300 which will act as the next pit stop. Below that, the zone of 11180-11230 will act as supports being an upward gap on the charts.
Supports to watch out for - 11450-11400-11350-11310-11220-11170
Resistances - 11640-11670-11700-11780-11810-11850-11870
As Nifty has started a series of lower tops and lower bottom, a bearish indication, Traders are advised to sell / sell on rise with targets near the supports mentioned above and a strict stop loss above 11810.
Cheers
No comments:
Post a Comment