Nifty formed a bearish candle from 50% fibonacci level. A short pullback can be expected. Also, the stochastic indicator showed a bearish divergence further showing the possibility of a pullback.
Entry: 520
Target: 500/495
Stoploss: 530
Its a cliche but falling in NSE:NIFTY is inevitable. Bearish divergence in Nifty is clearly seen that indicates a short term but a very steep fall in next week. Year end closing will be bad hurting Returns on Investment of lot of mutual funds.
Short in opening trade on monday above 9980 (or upto 9965) with a target of 9933 (t1), 9686 (t2), 9548 (t3).
A stop loss ...
in weekly time frame it is at strong resistance zone, also regular bearish divergence is formed.
It may come to 1670, 1600 level.
Note: this is not a short selling advice, as future trading is quite risky.
