Nifty update 23-10-2013
1.Hanging man on daily time frame indicating bulls loosing control.(Further confirmation is required)
2.Second evidence was lower HIGH - lower Low formation started and close below two days average .
3.RSI near previous resistance area , indication of correction.
4.Nifty closed above channel , so for further correction it has to beak todays low and close below lower channel line .
5. so positional sell only if we break 6103 and close at or below 6103
6. 6199 is resistance and 6119 is support
1.Hanging man on daily time frame indicating bulls loosing control.(Further confirmation is required)
2.Second evidence was lower HIGH - lower Low formation started and close below two days average .
3.RSI near previous resistance area , indication of correction.
4.Nifty closed above channel , so for further correction it has to beak todays low and close below lower channel line .
5. so positional sell only if we break 6103 and close at or below 6103
6. 6199 is resistance and 6119 is support
Thanks :)