then what was the reason we didnt went short even after no rate cut and after a breakdown of as well as a negative candle after ..rather waited for short?
It was this positive divergence in Hourly charts at crucial channel support
it was very good learning for trader , that dnt decide ur trade based on just one candle rather wait for a confirmation.
Now going forward-
again the Daily candles have been very strongly positive for last two days.But a look at Hourly chart through shows the Median is about to be tested and moving into overbought territory.
So the Monday opening is likely to be strong but after that Nifty moves are unlikely to be as exciting as it has been for last two days, though individual stocks are likely to do a catching-up.
10315 & 10340 appear as Resistance points
On the downside
10180 becomes a support.
we will be also watching these breakout and nifty (near 10330 level) for afurther big upmove towards 10800 and 11000.
I am looking at Gujarat elections as a major event whose results should have an impact like May 2014 ..
"Share market mein jahaan dhol baj rahe hote hain, wahaan shaadi nahi hoti".
Opinion polls (exit or pre-exit) are farce and provide only a material to "eye-ball inclined" TV channels. The fact remains that election-results have yet to be factored in by the markets. 2 probabilities-1) bullish probability for Nifty in the form of Butterfly Harmonic pattern (targeting minimum 10510 and maximum 10640)
However, I feel its necessary to post a Bearish Probability as well as today's hype (almost everyone is long in the markets believing BJP win will lead to a big rally) has made me very cautious.
The possibility of a 3-3-5 type of Corrective ABC is very much alive wherein
A(3w)=10490-10033 has played out;
B(3w)= is in play wherein
a=10033-10329 (296 points) has played out;
b=10329-10141 (188 points) has played out;
c=10141- upwards is in play and may test 10141+296=10440
C= 5w Impulse downwards may start after that.
And on charts it would appear like this