Nifty

#121 Nifty Update: CRIME Suspected

My last two posts suggested downside rally and indicators still believe so with fundamentals such is USDINR and greece fear suggest. But technically a CRIME is suspected against the trend..I emphasize “Suspected” meaning not confirmed but depends on few conditions. After a free fall from high yesterday Today we witnessed a gap down opening from yesterdays closed and market draw both side and than closed near the opening creating a “Doji”. Last two candles are perfect characteristic of “Three candle” formation Morning star which can be a bullish reversal signal. Tomorrow’s opening is crucial for the bulls to take control. Two things tomorrow will decide whether bulls are taking over the bears 1) Opening price 2) Breaking of previous low. If we see the opening tomorrow above 4980 and if todays low i.e., 4956 is not breached than we can bullish for short term. Strategy for tomorrow: If The opening is above 4980 and than NIFTY trades above 4956 than cover your shorts and go long with stop loss of 4950 or else if the low is breached or opening is below 4970 than add shorts to your current positions.  

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