HERE ARE GAPS LEFT MADE BY NIFTY WHICH NEEDS TO BE FILLED. WHEN THEY WILL BE FILLED?
I AM STILL NEGATIVE ON NIFTY UNLESS NIFTY TOUCHES 11000 LEVELS ALSO WE MIGHT BE LOOKING AT BOUNCE BACK AS WELL.
BREAK OUT OF PARALLEL CHANNEL AND SUSTAINING IT WILL LEAD TO BOUNCES BACK.
MAKE YOUR TRADE ACCORDINGLY.
There is a divergence between nifty and bank nifty. Similar divergence appeared in nov 2010, at that time nifty retraced back to 38% to 50% zone of it previous trend. Similar behavior is likely is current situation.
Nifty index, has formed a bearish correction wave after the completion of the impulse wave that started at the end of the 2008 Crisis, pushing equities higher and higher.
NIFTY looks to make lows at 9800 or even drift lower as time passes.
With elections around the corner, it doesn't seem that impossible either.
SO, keep your positions light and breezy in the...