Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, June 20, 2021

Reigning The Nifty 21st June 2021

Weekly Chart 

An Outside day was formed on Weekly charts which could be signalling a reversal or deceleration of the current trend.An Outside day is when the current candle completely encompasses the previous candle.It must have a higher high and a lower low compared to the previous day.
Negative divergences on oscillators seen since few weeks add to the evidence of the reversal argument.

 Daily Chart 

The candle on daily charts should be a hanging man taking into account the bearish evidences seen on weekly charts. However having taken support above  previous top of 15432 at 15450, the bulls seem to be strong too and the candle could be a hammer. 
Tomorrow's candle will confirm the strength of either the bulls --a close above highs of 15761 
or the bears -- a close below 15450.

 Hourly Chart 

More evidence needed to tilt in favour of the bears as the trend is your friend and the trend is still up.

However with bearish signs showing one needs to trade light with neutral strategies till more clarity is seen.

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Happy Trading !! 

Lakshmi Ramachandran

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