Well the longs taken near 7580 - 7610 may have booked out.
Attached here is the year chart of nifty . As per MACD a new low around 7480 - 7420 would generate a good positive divergence near the triple bottom area .Also the fast and slow Stochastic are giving signs of reversal .
Only concern is RSI (14) which is still not giving any positive divergence . As per RSI the bottom may come near 7200 - 6800 odd Levels .
So what for monday - - Well below 7540 - - Margin calls may get Trigerred . Short may get get covered near 7500 - 7480 - 7420 region and wait for clarity to emerge . EOD close below 7540 on Monday would invite more pain in the markets and may be 7740 would act as resistance for the whole month.
If some one wants to buy near lows then he can with a SL as per his risk appetite. Me too expecting a Bounce form lower levels - - But "As Said Price is Supreme" - - Let the Price show buying and we will definitely not miss the Train.
This is the best time to accumulate deliveries at all lows .
Have a Great Weekend ! !
Attached here is the year chart of nifty . As per MACD a new low around 7480 - 7420 would generate a good positive divergence near the triple bottom area .Also the fast and slow Stochastic are giving signs of reversal .
Only concern is RSI (14) which is still not giving any positive divergence . As per RSI the bottom may come near 7200 - 6800 odd Levels .
So what for monday - - Well below 7540 - - Margin calls may get Trigerred . Short may get get covered near 7500 - 7480 - 7420 region and wait for clarity to emerge . EOD close below 7540 on Monday would invite more pain in the markets and may be 7740 would act as resistance for the whole month.
If some one wants to buy near lows then he can with a SL as per his risk appetite. Me too expecting a Bounce form lower levels - - But "As Said Price is Supreme" - - Let the Price show buying and we will definitely not miss the Train.
This is the best time to accumulate deliveries at all lows .
Have a Great Weekend ! !
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