Rising wedge with negative RSI & MACD Divergence spotted. Trade only when the trendline is broken. Strong possibility that nifty could head till 11,700 and then fall so just keep track of it.
Bought Nifty Put keeping patience if no reversal by 10th july i will adjust my position to August but i will hold put as per your chartmy experiment
sanketsudan
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Today with Global Indices supporting, Nifty may not fall. On the contrary one may see short covering propelling Nifty higher!!!
tonylouis_23
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@sanketsudan, Sir, This chart was posted for positional trade purpose and not for intraday. If you notice I mentioned a rise till 11.700 is possible before it crashes and I have added the weekly chart explaining the reason. Offcourse, there is no holy grail analysis and this view gets negated above 11,850
sanketsudan
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@tonylouis_23, My apologies. I agree with you completely.
UnknownUnicorn5412484
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@sanketsudan, market is not going anywhere, it wil be rangebound.
ckirtane
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@tonylouis_23, nifty will try to touch 10900(200dma---mean reversion) & then fall near 10555 support level.