Nifty update 24-10-2013
1.We saw BEARISH PINOCCHIO on nifty , it means Price pushed decisively above the previous high on an intraday bar basis but closed below it — a sign of exhaustion.
2.Yesterday we had hanging man ,(a trend reversal pattern).
3.Nifty is indicating good sign of weakness .
4. But we recommend to wait for confirmation to go positional short ie. below 6103 (closing basis).
5.Below that we may see much deeper correction.
6.6247 is resistance 6119 is support (spot level)
