Nifty as expected gave a master blaster start above 7900 and pinched new high which is at 7940 but than we closed nervously around 7890 with a gravestone doji on daily charts. After a last 30 mins furious sell-off on index, traders on D-street have started targeting nifty 7500?  I mean how insane is that ? a minor knee-jerk reaction cannot shatter upside targets which  were activated yesterday after a good move on daily charts. I am sure you all would ask me that  “gravestone doji”  is clear sign of weakness but guys remember there could be rare exceptions to it and this could be one of it. Why? Because today’s high 7940 was not target or resistance by any methods of projections or wave’s as per me prior to this day. Secondly, weekly charts are yet not showing or confirming any signs of weakness. So i am not sounding over confidence but just trusting my prior analysis and as it said u shouldnt consider a complete reversal unless target or stop loss is not triggered. And if i try to consider a fibonacci correction of last small rally than best buy tomorrow could be in the range of 7840-7870 for a btst call so buy on dips. While my activated target is 8055 and my trailing Stop loss should be 7740 you should always be hedged and take decision at your risk

 

 

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