Nifty 18865 has got rejected at 18756 and has slipped the support zone 18774 - 18724 to close at 18666.
1. Bearish wedge pattern
2. Negative diverged technical indication
3. price rejection bar pattern around 18774.
4. market data suggests sellers coming in as price falls even with short covering couldn’t
raise nifty above 18745.
All the above make us to conclude market will be further weak for 18115 target and the earlier support zone 18724 - 18775 will act as resistance.
1. Bearish wedge pattern
2. Negative diverged technical indication
3. price rejection bar pattern around 18774.
4. market data suggests sellers coming in as price falls even with short covering couldn’t
raise nifty above 18745.
All the above make us to conclude market will be further weak for 18115 target and the earlier support zone 18724 - 18775 will act as resistance.
Comment:
Nifty update :- Nifty as expected couldn’t pass the resistance 18724 and has dropped down to 18660. First target expected is 18340.
Comment:
Comment:
Nifty is trying to hold above 18676. Resistance zone 18724-18774 still prevails. Short buildup with price reversal suggests nifty would struggle to pass this zone. The zone or breakdown of 18676 could be considered for short entry.
Comment:
Nifty 06 18750 @104 at 09:57 ( nifty @ 18728 )
Trade closed: stop reached:
Closed with Stoploss at 74
Comment:
Nifty 18900 pe @ 92 at 10:00 ( nifty 18890 )