Pati, Patni aur Woh!

Though title indicates a Bollywood post but its not! The post is surely about equity markets but somehow today’s move on Nifty relates to this Bollywood title. Mondays move had given a birth to a hope of strong reversal for long traders and it was confirmed with a Bullish candle opening above Fridays candle and confirming “Morning star” pattern as Circle Green in the attached chart. But today entered a villain in the chart and it gave a “bearish engulfing” with the help of yesterdays chart, souring the relationship of a “Morning star”pattern. Now situation is exactly same as a one gal with a married guy and extra marital. She is confused with whom so should live further and the case is registered in the court. Hearing is tomorrow and we should be clear of her move further. Today markets also resisted near the trend line which was acting as a strong support previously around 7204. So now traders should be cautious tomorrow and wait for clear close above either 7204 which is high of “Bearish Engulfing” or below 6869 which is the low of “morning star”. So all the positions tomorrow should be Hedged!!


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