MARKET IS A NOT FIGHT BETWEEN BULLS AND BEAR TRADERS, IT’S A BATTLE OF WINING WITH TREND.
RATHER THAN BEGIN A BULL TRADER OR BEAR TRADER, IT’S BETTER TO BEING A TREND TRADER, WHO CAN CHANGE HIS/HER MIND ACCORDING TO DIRECTION OF MARKET
“BECAUSE ONE SIDE LOVE CAN ONLY GIVE YOU A PAIN, SO TRY TO FIND A BETTER MATCH ALWAYS FOR A PAINLESS LIFE”
Last week we clearly mention that market is weak at higher levels, and till the time we not see green candle on chart we can’t think about recover.
We also mention that support is at 6230 level below this it will move near to 6100 or more and it able to give move till 6027 level.
Now with the present moves we will consider a weekly chart more important, as market able to move below “RISING WEDGE” pattern on weekly chart, able to give close below 6100 level on weekly basis.
As per the daily chart we can see that, nifty has given a “LONG LEG DOJI” or we can say “DRAGONFLY DOJI” on daily chart, which is a sign of reversal of trend. And also in next session market able to give green close above doji level but its again a “DOJI” candle formation.
So overall indication for current week is, 6000 and 6100 range will work as a consolidation for market, if nifty move above 6100 and close above this then will try to move near 6150-6200 range and above 6200 will try to fill the gap till 6260-6300 range.
But market can invite fresh sellers below 6000 level in nifty, and moving below this and giving close will give more falls till 5950-5800-5500 levels too.
so for current week we will consider 6000 as a base level now, moving below this on closing basis will give more selling, also at upper side moving above 6100 can give good recovery in market till 6250-6350 also, one can try to sell at upper side when market will give “RED CANDLE” on chart, but till the time we see “GREEN CANDLE” avoid fresh selling at lower levels now.
“As of now we can even say that market is sell on every rise now, at a proper level only, we can see some bounces also but that should be used for selling at higher levels only, as market seems weak at this level now, major breakout to come only above 6450 level close, so it a good opportunity to sell near to this level with small stop losses, because if trend reverse from here then we can see good profit margins with small risk”