THE PROFIT AND LOSS IS THE RESULT OF YOUR CHOICE OF MAKING POSITION IN MARKET, SO DON’T BLAME OTHERS FOR ANYTHING BECAUSE, IT’S ONLY YOU WHO TAKEN THE FINAL DECISION OF MAKING POSITION.
LESSON IS – “THINK TWICE BEFORE TAKING ANY POSITION (WHY YOU ARE TAKING THIS POSITION)??, WHAT WE SEE IS PEOPLE TAKE POSITION AND KEEP ON THINKING THAT, WHY I HAD TAKEN THIS POSITION, SO ITS BETTER TO THINK BEFORE. BECAUSE ULTIMATE DECISION IS YOURS, AND FOR YOUR DECISION YOU CANT BLAME TO OTRHERS, OTHERS ARE ONLY FACTORS IN YOUR DECISION MAKING PROCESS.
As per our last week article we mention to buy with 7550 stop loss for target of 7850 and it able to made till 7841 as per last week move.
Now with the current chart development there are few thing to notice here.
As per the candlesticks nifty recently in a last week nifty has given a “DOJI” candle and after that it has given a “TWIZER TOP” candle with “BEARISH ENGULFING” candle on chart last week.
All the above patterns are seems to be a bearish patterns where as nifty facing resistance near to the life time high level.
If we see rsi, we can see that with rsi it has just given “NEGATIVE DIVERGENCE” signal at top, but yet this signal is not confirm till the time its not moving below support level.
Overall for current week we can see good support in a range of 7730-7750 level if this level is broken then immediate next support level is at 7650-7670 range.
So if nifty try to bounce from this level then one can try to buy nearer to this support levels with marginal stop loss, if this reversal happens then we can see again a upside move till 7850-7950-8050 levels.
Maximum downside possible only if nifty able to move below and close below 7650 level for two continuous days, then we can expect a good correction till 7400-7200-6900 also.
So overall indication is wait with proper support if its reversal then take position with low risk near to support and if support broken then again we need to look for selling opportunities.