#144 Nifty Update: NIFTY seems weak but something positive arnd the corner too!!

YES i got the answer to my post of nifty yesterday, Ans: “NO”!!! 5927 was the new low and the tgt of double top 5921 was achieved today. If you are regular trader and tracking nifty thn you would have noticed today tht NIFTY created 5921 low thrice in intraday and reversed. Someone would have thought it was a triple bottom but so was not case. As i was tweeting and updating tht this level was last chance to square off long n blindly go short and the same thing happened. 5921 was breached at around 2.45pm and thn we saw low of 5883.90 on nifty. Yeah thts true in morning i was positive on the markets as it opened positive and open was equal to low but as soon as tht was breached it was clear tht nifty could nw achieve double top tgt. But now if u havent gone short dont risk it on monday opening as there is something positive around the chart   . The thin green support line is stretched from the low of 4770 and you could see market has taken support today exactly at same level. Now what next?? Indicators are indicating weakness but price takes a support. Now nxt level to go short is below 5889. But now i am not expecting much downside. max it could go is 5832-5862. So its better now to wait for nifty to take support to buy more and on other side go long above 5961. So strategy for un-positioned trader now is to wait for 5832-5862 or 5961  and for people who are short keep stop loss of 5921 and book profits in the range of 5832-5862. And for the people in the Long still, keep 5889 a strict SL

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