Dhanvarsha

Friday, October 25, 2013

4 Trend reversal candles were spotted at double top

4 Trend reversal candles were spotted at double top -hang man, spinning top, hang man then shooting star with very long tail at previous top level is clearly indicating that supply is here …It is Friday and trades will like to book some gains still there is a chance to book gains at higher levels … try to en-cash increased volatility .

Foreign and domestic interest in Indian equities took the BSE Sensex to a three-year high of 21,039.42 on Thursday — the first time it crossed the 21,000 mark since November 8, 2010 — but profit booking took the benchmark index down to 20,725.43 points, a loss of 42.45 points over Wednesday’s close.

It was a third consecutive day of equity market closing in red this week after a stellar rally seen earlier. Key Benchmark indices ended marginally lower on Thursday after hitting 3-year intra-day highs after index heavyweights pared most of the early gains and selling pressure in IT majors set in.

negative to gap down opening is expected with possibility of Friday fry …

take money home by selling your holdings at top as up side is limited and down side open …reason you all know …

Trade in Nifty Futures as per these levels

Buy at / above: 6184 Targets: 6198 – 6218 – 6237- 6257
Stoploss : 6162
Sell at / below: 6162 Targets: 6145 – 6126 – 6106 – 6087
Stoploss : 6184

minimum 500 points up or down in bank nifty within 1 week as per this chart 4 candles closed above falling trend line but below crucial pivot level /resistance if buying will come with volumes 500 points up move and selling will take it below 500 points to 10300 level .