Science Backed by Data[Nifty Series]: looking bearish
Good Evening Friends,
NIFTY
looks to be showing making top at 10600 levels. If Monday shows a negative closing, it will confirm evening star which usually gets formed at top and looks for bearish reversal(on daily charts). Looking closely at 15 min chart, it RSI shows negative divergence on 3rd July closing.
For Trend to reverse nifty will need to go and test 10215 and close below that. Immediate support is 10400.
Don't Create long positions for very long duration, most stocks looks tired and ripe for immediate correction.
Pls support with likes on the idea.
NIFTY
looks to be showing making top at 10600 levels. If Monday shows a negative closing, it will confirm evening star which usually gets formed at top and looks for bearish reversal(on daily charts). Looking closely at 15 min chart, it RSI shows negative divergence on 3rd July closing. For Trend to reverse nifty will need to go and test 10215 and close below that. Immediate support is 10400.
Don't Create long positions for very long duration, most stocks looks tired and ripe for immediate correction.
Pls support with likes on the idea.
Comment:
Comment:
The Nifty is now pushing on upper line of rising wedge in bull run, this looks ripe for some downward pull, but markets are always right. If it closes outside the wedge on lower side, this will present huge opportunity for short.
Comment:
Better to loose out on final few points of rally rather than get stuck with positions which wipes out all money, 10650 to 10900 is high probability zone for reversal
A close above 10880 will nullify signs of bearishness on nifty and close above 11200 makes things bullish
A close above 10880 will nullify signs of bearishness on nifty and close above 11200 makes things bullish
