Hi all,
After 2 consecutive negative closes near a weekly resistance of near 11580, Nifty gaped down today and closed lower by more than 100 points or ~ 1%.
The hourly hammer mentioned in the earlier post, did not get triggered and hence a long position could not have been entered at all.
After opening negative, Nifty kind of achieved the first target for shorts near 10310. Those who have gone short below the supports of 10400-10430, can remain short with stop losses mentioned earlier.
Also, a gap down opening means that untill Nifty closes above 11435-40, the trend is likely to remain negative going forward....
Key resistance for Nifty would be the gap off 11395-11435, 11480-11525-11580-11610, whereas the supports would be near, 11300-11260-11220-11130...
Cheers......
After 2 consecutive negative closes near a weekly resistance of near 11580, Nifty gaped down today and closed lower by more than 100 points or ~ 1%.
The hourly hammer mentioned in the earlier post, did not get triggered and hence a long position could not have been entered at all.
After opening negative, Nifty kind of achieved the first target for shorts near 10310. Those who have gone short below the supports of 10400-10430, can remain short with stop losses mentioned earlier.
Also, a gap down opening means that untill Nifty closes above 11435-40, the trend is likely to remain negative going forward....
Key resistance for Nifty would be the gap off 11395-11435, 11480-11525-11580-11610, whereas the supports would be near, 11300-11260-11220-11130...
Cheers......
