Daily Nifty Chart
Daily Sensex Chart
Nifty Half Hourly Chart
The second day of lower top lower bottom and the fifth day of aimless small range trading. This action has formed a tiny head and shoulder bearish pattern . The low of 4782 has been maintained forming the neckline and is now a good support. Break of this support will open possibilities of testing earlier low of 4576. The head and shoulder target is 4685.
The intraday 5,10 and 20 ema continue to be bearishly aligned. Daily Oscillators continue showing negative divergence. Intraday oscillators are all weak below their 50 line. Volumes were extremely low. Short term bias is mildly negative.But shorts are not advisable.Only on break of lower trendline of rising wedge (which is more clear on the sensex) should one go short.
The tight range trading is sure to give way to a big move either side.
Good supports exist at 4760-4714-4680 .
As advised partial profits have been booked and remaining longs hedged, being prepared for a reversal and at the same time to enjoy the remaining ride if the uptrend continues.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
Thank you madam. Have a nice day!
good advice lakshmi especially when everyone is trying to short
Rani
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