Volatile week expected

Markets have been pretty volatile these days and we can still expect the same in upcoming week as the daily charts suggests. As marked in the attached chart. Nifty is swinging between steep upward sloping channel since last few days and now we can expect some correction before trend resumes towards 9800 as i mentioned in my previous post in Nifty section. We had seen a good strong up move since the Brexit Referendum  and now we can expect some profit booking to that extra punch of rally of last 200 points. As markets in chart, friday we got a close with  spinning top formation which could be considered to be a bearish reversal to current trend. Even Nifty is resisting near to the channel line which makes my view a bit more strong. On the downside we can have two targets for correction which is at 8480, support line, and 8353, gap unfilled. So may be traders could go short next week with SL of 8577. But remember OVERALL TREND IS POSITIVE FOR LONG TERM SO ONLY TRADERS GO SHORT WHILE INVESTORS AND MEDIUM TERM POSITIONAL TRADERS BUY ON THIS DIP!

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