#111 Nifty Update: "Diarrhea" to NIFTY……

“Ohhhhhhhh……………….” No1 can control that motion ever!!! NIFTY was trading well around 5600 until it broke 5586 which i mentioned as a crucial level and than we directly saw 5490 odd level. i had been craving and shouting that Short nifty on each rise as 5640-5660 was strong resistance and i hope you all got benefit of the same.NIFTY has given a non-stop rally of 1200 points and we were expecting a correction soon. Indicators were already showing overbought condition but today for the first time candlestick has given some bearish sign. As you could notice we have witnessed a “Bearish Engulfing pattern” on NIFTY daily chart today which is a strong reversal sign for the trend. All the frontline stocks drizzled like one is having diarrhea…. None of the stock were breaking during the downfall. Tomorrow being expiry we may still see a volatile session. Tomorrow’s opening trade is gonna be a important one. But overall am bearish on NIFTY..NIFTY has strong support levels of 5424,5372,5335,5220,5095. On the upper side still 5660 is strong resistance level but i suggest to hold your shorts with stop loss of 5660.. Dont get into longs until some better confirmation.

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