NIfty- Descending Channel- Bearish View Till 8811-8820 holds

aks85 Updated   
NSE:NIFTY   Nifty 50 Index
Why I consider Nifty to be bearish in the days to come?
It is been observed that the price is moving in a descending channel forming lower highs and lower lows, indicating down trend in the daily charts . On Friday, the price resisted the upper channel and also the 50 day SMA forming an important candlestick pattern, the Hanging Man indicating further weakness. Therefore, expecting the price to move towards the lower band of the channel in the days to come.

Exit Levels:
Conservative Traders: 8735-8740
Aggressive Traders: 8811-8820

Expected Levels: 8600. 8500. 8420.

PS: For beginners

How do I execute my trade?
Being a conservative trader I prefer to initiate my trades as close to the exit levels. I always try and let the price come to my levels, rather than just initiating a trade at the levels with which I might not be very comfortable. Following this process I miss out on a few trades, but no regrets as market is full of opportunities.
Also, I give equal emphasis on risk management as I give to technical analysis , thereby helping me not only to protect my capital, but sometimes also convert my losing trades into profitable ones. There is more to the risk management part which I will share in my following posts.
first target done. Well on its way to 8500.
8500 done.
book profits 8410

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