NIFTY - Time to be cautious3 black crow formation in nifty ahead of the yearly budget. Globally equity markets showing signs of weakness. The upcoming state elections adding to political chaos & doubts over strong economic reforms. It's not yet time to Panic & sell however definitely time to be cautious. Last time the 3 black crows were spotted Nifty corrected by 2000 points. Will the history repeat this time as well ? only time can tell.
Nifty_short
SHORT TERM || NIFTY || SELL ON RISEOne might want to sell Nifty on rise based on today's price movement with SL placed at 11740 and targets of 11630/11591. All levels are cash levels. A divergence is seen on the RSI and price action on the Bank Nifty also supports the move. Its a good idea to book profits on longs and wait on the sidelines.
WEEKLY || NIFTY READY TO BREAK 11400!Nifty with today's close gave a bearish candlestick pattern on a 'weekly' basis which tells us that it will break 11400 in the coming week and move towards 11350. One may sell Nifty on rise with SL of 11575 and targets of 11400/11350. The Bank Nifty has also given the same kind of pattern and hence the downward move will have help from the banks as well. So a lucrative trade on the cards.
INDECISION IN NIFTY || A DOWNWARD MOVE ON THE CARDS!We got a doji pattern on the nifty charts (daily) which indicates indecisiveness on the parts of the bulls and the bears and which indicates the present trend might take a breather. So it would be a good idea to sell on rise with SL of 11540 and targets of 11410/11350 for the short term.
All levels are Cash levels.