Friday's session was the reason why I kept saying about tracking the S&P 500, on Thursday the S&P 500 did bad which affected our market to gap down on Friday's session and close lower, big gap on the opposite side of the short term trend causes the structure to change. Even the session on Friday S&P 500 did bad, so again we will see a gap down on Nifty 500 on Monday, chances are high that we can head lower. We are currently in a stage where there is demand on the lower end and supply on the upper end, this leaves our market in range bound structure, therefore defining correct direction will be difficult until the range is broken. Important levels to keep in mind will be the horizontal lines marked on the chart, we can see frequent reversal happening at these levels, if in case S&P 500 starts performing very bad and if nifty 500 breaks below 14400, 14100 level then Nifty structure over the weekly charts will turn into a down trending structure. So its important to keep track on how the prices react at these levels.
thank you.
thank you.