“Not everything will go as you expect in your life, this is why you need to drop expectations, & go with the flow of life”
Above trade about life we can same see in our trading also, because after all trading is nothing but output of human phycology.
So in market not everything will happen as we expect it to happen, so sometimes you need to keep this market expectations beside and need to trade or invest as per the flow of market.
For e.g “when market was at 5200 level, I met many traders who were saying that they will short nifty on every rise reason they give for this action is, they were expecting market to fall till 3500-4000 levels, so you can imagine what will be the impact of their expectation with the current market conditions”
“MARKET IS THE GAME OF WINNING, WHERE RULES AND EXPECTATIONS CHANGES AT EVERY STAGE – so keep wining constant and change your expectations and rules of trading as per the flow”
As per study we mention last week that nifty had important level at 7850 and above this it able to move near 7950 level in last week.
Now as per the current chart development we can see that nifty able to make new life time high again, and in last session it has given a highest ever close above 7900 level.
As per the candlesticks we can see that equal top near to the level of 7920-30 range which is a “TWIZZER TOP”. We can even see a “RISING THREE” pattern on chart now if we ignore last session candle.
In last session rsi able to move up and able to touch the overbought region, this has given a “BULLISH NEGATIVE DIVERGENCE” signal on chart, but yes this should be confirm on chart now then only we can expect a move like breakout.
Now for current week we can see that 7880-7935 is the range of confusion, if nifty able to break 7880 and able to close below this then only we can expect a good fall till 7800-7730 levels in coming days.
Anyhow if market not break 7880 and able to move and close above 7935 level in coming session then upside we can expect level of 8050-8150 also.
So range of 7880-7935 is highly important for market now, which can decide the trend of market for coming days.
one thing is clear that, market is in long term up move so if any time we see big correction in market then that will be the big opportunity for all long term investor to collect the good technical and fundamental stocks for coming 3-5 years.