NIFTY UPDATE
1. I have posted two snap of nifty if we observe clearly we can see distribution formation happening at 6330 zone which may take shape of head and shoulder , currently it is broadening top pattern .
2. We can also see nifty has broken down raising channel .
3. ADX and RSI has given an early indication of the distribution pattern .
4.So short tern trend is down , but medium term and long term is still intact .
5.Nifty may find support at 6104-6075 and resistance at 6199-6222
6. Today is 4 th day in row after gap down action on 5-11-2013 we are closing on negative basis with lower low close .
7. nifty must close above 6195 on 11-11-2013 to change short term bias .
2. We can also see nifty has broken down raising channel .
3. ADX and RSI has given an early indication of the distribution pattern .
4.So short tern trend is down , but medium term and long term is still intact .
5.Nifty may find support at 6104-6075 and resistance at 6199-6222
6. Today is 4 th day in row after gap down action on 5-11-2013 we are closing on negative basis with lower low close .
7. nifty must close above 6195 on 11-11-2013 to change short term bias .
Nice Analysis ... :)