Update 25th June 2020 6.45 PM
Hi All,
Nifty found it difficult to stay above 10360 levels and hence we could not see any intraday pull back, as mentioned below.
Nifty closed the day below 10300 mark and on daily chart it gives a green candle. It took support near the earlier gap up opening mentioned near 10270, and closed above the same.
However, on weekly chart, the candle is strong bearish candle, but as it is in complete tomorrow's closing below 10300 would be preferred by bears.
Since the Rising window (gap up open) should be closed on a closing basis, after the first leg of fall, I believe a only a convincing close below 10270-250 would take prices further down.
Till such time, respecting the Bearish engulf pattern, sell on rise is advisable with reversal above the recent swing high of 10550-60
Tomorrows closing would be crucial for Nifty going forward, let's wait and Watch
Hi All,
Nifty found it difficult to stay above 10360 levels and hence we could not see any intraday pull back, as mentioned below.
Nifty closed the day below 10300 mark and on daily chart it gives a green candle. It took support near the earlier gap up opening mentioned near 10270, and closed above the same.
However, on weekly chart, the candle is strong bearish candle, but as it is in complete tomorrow's closing below 10300 would be preferred by bears.
Since the Rising window (gap up open) should be closed on a closing basis, after the first leg of fall, I believe a only a convincing close below 10270-250 would take prices further down.
Till such time, respecting the Bearish engulf pattern, sell on rise is advisable with reversal above the recent swing high of 10550-60
Tomorrows closing would be crucial for Nifty going forward, let's wait and Watch
