As suggested yesterday, Nifty after initial fall did continue with its bull run .. Also I had mentioned that 11540-11560 will act as resistance and Nifty did take a pause at that level ... Today the chart plotted is from a broader perspective .. It can be seen that Nifty has formed a diagonal pattern (rising wedge) ... To me it appears more of an ending diagonal .. Same might be debatable and People might have different views on the same .. In either case, a five wave pattern appears to be complete and calls for a correction ... Hence my view on Nifty for tomorrow is bearish ... Expecting it to open flat or gap down, take resistance from 11560 levels and correct till the support zone..Support zone has been marked on chart .
Pls Note that Views expressed are purely personal and intended for educational purpose only ... The same may not be used for trading instruments.
Pls Note that Views expressed are purely personal and intended for educational purpose only ... The same may not be used for trading instruments.
Comment:
Market is opening gap up .. look for price action at level of 11630-11640 .. may turn from there