Hi All,
Belated Holi wishes to all....
After a stupendous positive rally, Nifty closed negative for 2 consecutive day after 28th Feb 2019.
As posted earlier, it took resistance near the weakly supply zone of 11570-11580.
Bears can rejoice -
1. On hourly charts today, Nifty started the day with a bearish engulf pattern on hourly charts, which clearly conveyed intentions of BEARS.
2. Even today's daily candle is a strong bearish candle without any visible bottom tail, which shows that the BEARS have managed to take the control.
3. And above all weekly candle for Nifty is a shooting star like candle with a long upper shadow suggesting a lot of selling pressure.
Things to worry for bears -
1. Today's second last hourly candle for Nifty is a perfect Hammer kind of candle which is bullish
2. There would be a good amount of support near 10400 mark for Nifty.
To sum it up, crucial levels to watch out for would be 11400 on the lower side and 11580-600 on the higher side, and a break of either side would decide the further direction.
Plan of action for traders -
Wait for the opening of Monday, bulls can still take back the control if they manage to keep the index above today's hourly hammer low near 11430, one can take a small risk and go long, if Nifty opens on Monday on a flat to positive note and follow a strict stop loss below 11400-11430 but if it breaks the support near 11400, it can fall down further to next support zones near 11310-11260-11220-11175-11120..... However, I would personally feel to wait for it to break the crucial levels and then take the trade accordingly
P.S. -
Nifty has rallied by almost 1000 points within a period of just a month, and hence a breather can be expected in markets and index can trend range bound or with a slight bearish bias. Traders are advised to take positions with strict stop loss and with proper money management.
Have a great weekend!!!
Cheers....
Belated Holi wishes to all....
After a stupendous positive rally, Nifty closed negative for 2 consecutive day after 28th Feb 2019.
As posted earlier, it took resistance near the weakly supply zone of 11570-11580.
Bears can rejoice -
1. On hourly charts today, Nifty started the day with a bearish engulf pattern on hourly charts, which clearly conveyed intentions of BEARS.
2. Even today's daily candle is a strong bearish candle without any visible bottom tail, which shows that the BEARS have managed to take the control.
3. And above all weekly candle for Nifty is a shooting star like candle with a long upper shadow suggesting a lot of selling pressure.
Things to worry for bears -
1. Today's second last hourly candle for Nifty is a perfect Hammer kind of candle which is bullish
2. There would be a good amount of support near 10400 mark for Nifty.
To sum it up, crucial levels to watch out for would be 11400 on the lower side and 11580-600 on the higher side, and a break of either side would decide the further direction.
Plan of action for traders -
Wait for the opening of Monday, bulls can still take back the control if they manage to keep the index above today's hourly hammer low near 11430, one can take a small risk and go long, if Nifty opens on Monday on a flat to positive note and follow a strict stop loss below 11400-11430 but if it breaks the support near 11400, it can fall down further to next support zones near 11310-11260-11220-11175-11120..... However, I would personally feel to wait for it to break the crucial levels and then take the trade accordingly
P.S. -
Nifty has rallied by almost 1000 points within a period of just a month, and hence a breather can be expected in markets and index can trend range bound or with a slight bearish bias. Traders are advised to take positions with strict stop loss and with proper money management.
Have a great weekend!!!
Cheers....
