Bear Flag // NIFTY Heading towards 9700 ???

NSE:NIFTY   Nifty 50 Index

Bear flag break down on hourly chart ... see chart for details

Trade with care,

Comment: SMA 50 + Flag pattern == looks more bearish on hourly chart
Comment: Book half of long positions , remaining carry forward to 10600 levels with trailing stop.
we will look to short around 10600 levels with small risk .. will be updating here
Comment: trade only in futures (positional) instead of options till Nifty break the rectangular zone
Comment: Last price 10592.5, book remaining longs.
Will wait for market reaction in coming days for next entry ( either short/long)
Comment: Rectangle working well ... :)
Comment: Bears remain in control as long as nifty do not close above 10630 .. let's see whether the rectangle will be broken down or an upward breach will come ?
Comment: Though we don't trade weekly chart -- its always good to have an outlook what's happening on higher time frames -- may be a guideline to look for what and which levels nifty may come in coming months .. Just sharing my thought on nifty


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