#MarketUpdate - Advantage Bulls ? ? ?

My answer is, Less likely....

After a couple of Bearish Island patterns on Daily charts, as expected, bears managed to push price further down today, however, a support near 9040-9000 worked for Bulls, yet again...

Moreover, Bulls managed a strong pull back of more than 100 points today, and thus we have a sizable buying pressure candle, almost similar to a Bullish Hammer, on daily charts. Nifty also managed to close above a recent trend line for the 3rd time today, confirming the same as well

However, unlike my several earlier Hammer related posts, this doesn't seem to a a very Bullish evidence, especially after the strong bearishness showed up by the bears by Islands on the top near Supertrend resistance, comparatively severe bearish patterns than Hammer.

I feel, it is less likely that the prices will find a short term bottom and and move up further. However, taking in to account couple of bullish evidences mentioned above, it is quite possible that we might enter in to a sideways price action for sometime, before continuing the downtrend further. The Bollinger band, which has contracted, already gives that hint.

So, in a nutshell, prices, if can not take out 9250-9350 (hourly Supertrend - Gap down ), further upside is unlikely, on the lower side today's low near 9050 and 9000 will be crucial to watch out for. As many of the news events and announcements are already factored in, and in an absence of any new anticipated event to discount, prices might trade sideways, in the range of 9000- 9600. And below 9k, 8900-8800 would be to watch out for (weak supports) whereas above 9600, 9900-1000 would be fresh hurdles.

Watch out for 9000-40 and 9550-9600...

Cheers

Happy Weekend....

Hrishi

#MarketUpdate - Island mai Island....

Update 14 May 2020 2.40 PM

Nifty, exactly took support near the hourly Supertrend of 9120. A close above this would mean that a bounce back from bulls can not be ruled out. Resistances would be near 9280-9360-9410-9500-9590

So on the lower side, 9120-9070-9040-9000 would be crucial and the down trend would only be at a risk if the daily tops near 9580-9600 is taken out by bulls. As Nifty has given a first retracement towards the hourly Supertren, upside, if any, only possible above 9190-9200...

Since markets are near a support zone, it is advisable not to be on selling side, fresh shorts can be initiated below supports, or advisabley, as I always mention at resistances mentioned above (with a bearish evidence too)

Cheers

Hrishi

#MarketUpdate - Confirmed... L T L B

Hi All,

As the Bearish Island on top suggested the advantage Bears, Nifty is not able to sustain the higher levels for a while now, and it has confirmed a Lower Top Lower Bottom on daily charts, which suggests Nifty is controlled by bears and can fall at least till 8900-8800...  The bearish view would be in tact till such time Nifty doesnt cross 9450-9550 0n the higher side.

Basis the retracement, 8980-8700-8400 would be support areas. The bias remains negative till the resistance near 9440-9550 is not surpassed by the bulls.

On the lower side though 8900-8800 are support zones, they are weak supports and not likely to hold the downfall, however, basis the law of demand and supply they should be respected to an extent. 9000 remains a crucial psychological support

The plan of action would be sell on rise with stops above the resistances mentioned.

Cheers

Hrishi