Nifty has given a break down on weekly charts falling below 3 years Trend line with volume and built up (indicated by eclipse in the chart).
D chart also suggesting HH and HL formation since 03 June 2019
Nifty PE still hovering around 27 levels indicating Nifty is still expensive.
Gold and $ movement also indicating bearish sentiments for equity market
On D charts 50 SMA has given a negative crossover with 150 SMA
Nifty is trading below 20 EMA, 40 EMA, 50 SMA and 150 SMA indicating ST and MT bearish movement.
FII's are continuously selling on Monthly basis
May 2019 - 2136 CR
June 2019 - 688 CR
July 2019 - 16870 CR and
Aug 2019 - 16000 CR
CMP - 10890
It will come back to retest 110060-70 levels before making the big move downwards.
Entry Criteria -
Look for shorting opportunity when Nifty will come for retest near 11050 levels.
Exit Criteria:
TGT looks like - 10024 and 9704
SL would be placed at 11200 levels
Risk: Reward - 1: 10
Suggestion appreciated.
D chart also suggesting HH and HL formation since 03 June 2019
Nifty PE still hovering around 27 levels indicating Nifty is still expensive.
Gold and $ movement also indicating bearish sentiments for equity market
On D charts 50 SMA has given a negative crossover with 150 SMA
Nifty is trading below 20 EMA, 40 EMA, 50 SMA and 150 SMA indicating ST and MT bearish movement.
FII's are continuously selling on Monthly basis
May 2019 - 2136 CR
June 2019 - 688 CR
July 2019 - 16870 CR and
Aug 2019 - 16000 CR
CMP - 10890
It will come back to retest 110060-70 levels before making the big move downwards.
Entry Criteria -
Look for shorting opportunity when Nifty will come for retest near 11050 levels.
Exit Criteria:
TGT looks like - 10024 and 9704
SL would be placed at 11200 levels
Risk: Reward - 1: 10
Suggestion appreciated.
Trade closed: stop reached