UPDATED CHART
NIFTY HOUR CHART
- NIFTY hour chart showing a trend line and a resistance line.
- Holding the trend line as support nifty may try to close above 5100 in the coming day's.
- Bearish scenario would be a break of the trend line and support and a retest of the lows formed during this week.
thank you
"Coming Days" - San I think you are the first/only one to speak about a trend reversal to 5100 level. How far is it? Based on Ilango sir's guidance on overall trend and my own (mis)understanding of the individual stock tech, got shorts hanging in many counters. If you are talking about a reversal, I must become cautious. Please guide me.
ReplyDeleteThank you very much for the contributions and I second Ilango sir's appreciation.
@Raja sir
ReplyDeleteI think I messed up the language is used. Please read the last point and also see the updated chart at the top of the post.
I have mentioned the Bearish scenario also. reversal to 5100 was based on the expected resistance line break which did not happened.
But there is one last possibility for the trend reversal that is the DESCENDING BROADENING WEDGE which is still valid and we will know it's effectiveness tomorrow. I will updated the pattern when it breaks or if it gives support.
thank you
hey san
ReplyDeletewaiting for u to update me on axis bank , if u get time
and then as told by u, ashok leyland hits the closing stop of 64, is it an exit now
then andhra bank is taking support @ 125-129, is it a hold now
and since i have heavily betted on longs, i wud be waiting for a descending broadening wedge support of urs tomorrow eagerly
thanks
regards