The Nifty movements have been quite indecisive in the last two days. There were two consecutive 'inverted hammers' suggested selling pressure at higher levels near of 4600.
Consider 4480 as crucial intraday support level and a break below this should lead to profit booking in other index heavyweights. On break of this support, expect levels of 4415 and then 4365.
Upmoves are likely to face resistance at 4585 and stronger at 4640
Happy trading
CA Rajiv D Khatlawala
4 comments:
Well Hello Mr.Rajiv.....your dexterity wid technicals is splendid indeed...but i hav a question ...wat i see on dis chart of Nifty is an inverse Head and Shoulders pattern ...which has taken a positive break-out and will take nifty to 4900-5000 levels.... What is your take on dis ?kupThanks in anticipation...
Harman Sidhu
Sir Nifty has made a highr low and has made the higher high
can we say we are in the bullish mood again if it breaks 4548 and will try to test its 200 DMA that is around 4700 mark.
Friends
my observation of the past few years is that an inverse h&s pattern does not work in some specific conditions (very few) .
If u note it is a reversal pattern which hence must reverse a down trend .. At this juncture it is unlikely that the current down trend would reverse - as i often repeated a four year rally usually does not get terminated in 6 mths!!!
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