Evening Star formed!

After a weeks Non-decisiveness on Nifty charts, today we have finally got a bearish reversal pattern. Though for a confirmation we need to get one more close below the same candle. Nifty was unable to trade above 7560 since a week and today Options data win which were continuously suggesting sell on rise. Though Reliance and SBIN which remained strong in the positive zone holding Index to some extent. Indicators finally on Daily charts have biased towards bears on the ground. But the consolidation support is at 7440 and we need to break that and close convincingly below the same. On the Downside now we have support of 50 DMA which is at 7370 and if we break that 7265. All eyes on FED meet tonight. My view on sell on rise still intact.

Leave a Reply

Your email address will not be published. Required fields are marked *