Nifty Update : 11-11-2013
1.On 11-11-2013 we can see Inside bar on weekly chart
2.On 11-11-2013 Nifty closed on important support zone (6075 spot level)
3 Nifty is giving consistent lower low close, so nifty must cross 6187 for good bounce again 6199-6243 will act as resistance
4. Even on weekly basis nifty started showing weakness so below 6031 it may show more weakness till 5900-5880 level .
5.Short term trend is negative , and till it close above 6187 , trend may remain same .
6. I was expecting reversal pattern on intraday chart ie on 60 min time frame .but was not observed so , tomorrow we may see panic bottom in the range of 6075-6031 then a pull back to 6187 -6243 level .
note :- On daily basis trend is in the bear grip , so sell on rise must be strategy. Buying on support level is favorable till nifty trades above 6031 with proper sl on closing basis (as we are near important support) .
1.On 11-11-2013 we can see Inside bar on weekly chart
2.On 11-11-2013 Nifty closed on important support zone (6075 spot level)
3 Nifty is giving consistent lower low close, so nifty must cross 6187 for good bounce again 6199-6243 will act as resistance
4. Even on weekly basis nifty started showing weakness so below 6031 it may show more weakness till 5900-5880 level .
5.Short term trend is negative , and till it close above 6187 , trend may remain same .
6. I was expecting reversal pattern on intraday chart ie on 60 min time frame .but was not observed so , tomorrow we may see panic bottom in the range of 6075-6031 then a pull back to 6187 -6243 level .
note :- On daily basis trend is in the bear grip , so sell on rise must be strategy. Buying on support level is favorable till nifty trades above 6031 with proper sl on closing basis (as we are near important support) .
