Update - 20th Sept 2019 11.25 AM
Thanks to the corporate tax related announcement by Finance Minister.... Book partial profits in Nifty near 11080... Price discounts everything....
Cheers!!!
Hi all,
As per the last posts, Piercing and Bang On... Nifty faced resistance near the penultimate levels of 11150-180, and plummeted gradually over the past few weeks. Was out of markets hence couldn't update the blog...
However, now, it is trading near the crucial bottom of 10600-700 and that becomes the last ray of hopes for bulls.
Also, on the hourly charts, Nifty has given a Dragonfly Doji like pattern, which is an effective bullish indication as well, provided Nifty surpasses and sustains above 10720-10770 levels. Moreover this candle formed along with a RSI candle divergence which makes it noticeable.
On the lower side, 10630-10570 becomes very crucial for bulls, as below that Nifty could slid further towards 10500-10330-10100-10000-9940 levels.
Plan of action - Bulls can take a long position, only and only if nifty crosses 10720-770 zone with a stop below the supports and targets near 10870-10950-11030-11100-11150-11180....
Cheers
Hrishi . . .
Thanks to the corporate tax related announcement by Finance Minister.... Book partial profits in Nifty near 11080... Price discounts everything....
Cheers!!!
Hi all,
As per the last posts, Piercing and Bang On... Nifty faced resistance near the penultimate levels of 11150-180, and plummeted gradually over the past few weeks. Was out of markets hence couldn't update the blog...
However, now, it is trading near the crucial bottom of 10600-700 and that becomes the last ray of hopes for bulls.
Also, on the hourly charts, Nifty has given a Dragonfly Doji like pattern, which is an effective bullish indication as well, provided Nifty surpasses and sustains above 10720-10770 levels. Moreover this candle formed along with a RSI candle divergence which makes it noticeable.
On the lower side, 10630-10570 becomes very crucial for bulls, as below that Nifty could slid further towards 10500-10330-10100-10000-9940 levels.
Plan of action - Bulls can take a long position, only and only if nifty crosses 10720-770 zone with a stop below the supports and targets near 10870-10950-11030-11100-11150-11180....
Cheers
Hrishi . . .
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