These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.As has been suggested, earlier, the historic rising trendline has been tested and violated. There was a sharp bounce from those levels today. This goes to confirm the validity and the importance of this support zone.
If the bottom of today at 4100 is not held, then we could continue to see some more weakness going ahead. Because the earlier bottoms have been violated on the hourly chart, we also label the intermediate trend to be down.
For the intermediate term trend to reverse to up, we need a breakout on the upside of 4206, and the Nifty should not cross 4100 on the downside.
Continue to wait for a confirmation of the end of the short term downtrend, and then readers could buy.
Bulls could take heart from the fact that on the daily charts, the intermediate trend to be down is at 3980. This is just some points away. Which could happen in a day or two.
Plan your trades and trade happy.
1 comment:
sirji, wy did nifty break the channel !?? this shdnt generally happen ! somethin unexpected is expected globally or localy ??
reg
ketan
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