04:58
Unknown
Nifty struggled to breach 10450 marks as bears counterattack and holds the Nifty below 10400. This is a classic reversal pattern (without confirmation) observed after a long stretch of 380 points where bulls were unable to extend the previous gains despite such sharp gains in last trading day.
The pattern on the daily chart is almost equivalent to bearish belt hold line which a bearish reversal pattern. Now it is a tug of war between bulls and bears as A bullish run would need to be extended without breaking the supports established at 10250 – 10270 while on the upside it needs to be closed above 10450. A bearish momentum may only be reclaimed below 10250 on a closing basis. Since it is somewhat a price action similar to a continuation pattern on smaller timeframes, we suggest buying on dips with SL moved to 10250.
For more information on stock tips and quick free trial click here > 911 133 9000 Visit http://www.epicresearch.co
Connect with our social media sites
Follow @Epic_Research
Connect with our social media sites
Follow @Epic_Research
Posted in: Indian Market Tips
0 comments:
Post a Comment