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.
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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.
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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
so long as ch artist like you are bearish nifty will go up(10900 to11200 range) when you will turn bullish it will fall.
SiddRidd
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@ckirtane, funny thing with wisdom is, it gives you opportunity to go back in hindsight and learn. I agree with you but will only go bullish when nifty closes above 11200 region, but my friend its good to loose out on final few points on rally rather than stuck with positions which wipes out accounts. I am ready to loose out on low probability trades, after all traders who make money and survive are only ones who don't go after risky trades and nifty is definitely into high risk and low reward period right now. 10650 to 10900 is high probability zone for reversal.
A close above 10,880 will nullify my eagerness to be bearish on nifty and close above 11200 makes things bullish. * 10900-11200 range is used for whips.
But thanks for commenting on my post.
SiddRidd
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@ckirtane since you raised few questions look at the following chart for more understanding.
Cutelife12345
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Hi Sam, I think you will be able to break even, patience is virtue
SiddRidd
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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
SiddRidd
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Better to loose out on final few points on rally rather than get stuck with positions which wipes out accounts. 10650 to 10900 is high probability zone for reversal.
A close above 10880 will nullify my eagerness to be bearish on nifty and close above 11200 makes things bullish. (10900-11200 range is used for whips/wicks)
SiddRidd
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10880-200 SMA, a big resistance, today's top 10811.
alap007mail
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on1st july we recomended buy on nifty and hold near expiry.
And now
At this level HOLD
SiddRidd
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Nifty looking for a gap up opening at 10700 levels
samratk028
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Many are telling it will correct, but it's going high and high..