Daily Chart
Half Hourly Chart
Today's candle is a shooting star on high volumes. This is a reversal pattern, depicting that the highs were unsustainable. Confirmation of reversal will come from tomorrow's candle. Unless the highs of the candle is crossed we may expect a downward trending market.
Volumes were high Advance decline negative, and daily oscillators in overbought region with negative divergence. Intraday oscillators have moved down after showing negative divergence.nifty may test the uptrendline from March lows which has support at 4728.
Supports at 4783-4728-4580. Resistance at 5003-5103.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
8 comments:
THANKS
MAM I THINK HIGHER CHANCE OF TREND LINE FROM MARCH LOWS GET VIOLATED AS LOOK QUITE STEEP WHEN SEEN IN LARGE TIME FRAME.
Dear Lakshmi,
Many thanks.
Kind regards,
Lee
Leeds,UK
thanks for your comments
sandeep better not to preempt any move. wait for price to show it and follow it
Thanks you. Missed your reports in the past few days.
Krishna Kumar
lakshmi
you were probably the first one to be talking about the rising wedge on Nifty and Sensex. That is what makes reading your blog a differnt experience
I have F&O NIFTY for Sep @ 4755.. Qty is 250 nos.. Now only three days of tradings are there.. I am incurring a huge loss.. Can you please guide me
kamlesh
if you have 250 nifty at 4755 then how can you be making a loss? september futures are at 4983! Or are you having short positions? Let me know will check for your answer tomorrow
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