Here both charts are having long legged hammer and hanging man ...RSI is at threshold indicating we are at crucial point and a healthy correction from here can not be ruled out technically ....
The Nifty (5,048.6) carried on merrily last week moving to our outer target at 5,023. As explained last week, the index faces strong resistance in the band between 5,000 and 5,100 and traders holding long positions should be wary as long as this zone is not surpassed.
The doji pattern formed on Friday also means that the index is having trouble moving higher from these levels. If there is some slackness early next week, the index can decline to 4,882 or 4,770. Traders can buy in declines with stop at 4,870. Decline below the second support will mean that the index is heading towards 4,588 or even 4,531.
If the Nifty surprises us again next week and starts with a bang, the upper targets will be 5,099, 5,169 and 5,220.
No comments:
Post a Comment
Please remember...your comment should not contain nudity or vulger language in addition to advertisement of your blog/site or any product ...and should not hurt the readers emotions...if that will be case it will be removed on first review of admin staff... Regards