Nifty daily charts - A Dragonfly Doji

NSE:NIFTY   Nifty 50 Index
There is a small correction in my yesterday's post.
On yesterday's daily charts Nifty has formed a Dragonfly Doji , which at times indicates a intermediary top or bottom formation and trend reversal, from thereon, specially when it is formed after a strong rally or steep downtrend.

Since most other indicators remain bullish , I would advise a cautious approach if Nifty slides down to yesterday's or Doji's low i.e. 11945.

Sustained trading and closing above today's high will confirm bullish continuation. Nifty has been negating trend reversal patterns for past one week, it may very well negate this one too. But it will react to some such signal someday and any day can be that "someday". Cautious is necessary when we are trading at such high levels, despite strong bullish signals.

Beginners may try Puneet_9EMA_21_RSI on a two hour Nifty Chart, it provides reliable Enter and Exit signals for positional trades.

This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial advisor before taking any positions.

Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.

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You may also like to join my channel on Telegram - @i2gain. I'll soon start sharing my live trades on telegram.

y'fay's telegram broadcast was good. aapki thurdsay settlement wali weekly options calls kafi achhi thi. hope you will continue them.
you were bang on bro, keep it up.
Thank you
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