“An investment in knowledge pays the best interest.” – Benjamin Franklin
As you all know from long time, we are posting all about technical research, chart patterns and candlestick patterns, out main purpose is not to provide you weekly levels or calls, but providing you the market technical knowledge, so that you can personally come to know about technical development in stock market which can boost your learning experience and it will defiantly help you in trading and investing with your own knowledge.
As we mention last week if price sustain above 6650 level then upside we can see 6820-6830 level and above this level more movement to see, and as per our level it able to made up move till 6870 almost.
As per the current chart development we can again see that market able to make a new high in last session, but price not able to sustain upper level at this time. As this must be a big fall for intraday whenever nifty made new life time high.
As per candlestick pattern it able to give “BEARISH ENGULFING” pattern on chart in last session.
As per nifty weekly chart it able to go form a “GRAVESTONE DOJI” pattern on weekly chart prior to this it has given a “DRAGONFLY DOJI” candle which normally found on bottom levels.
Also with rsi it still giving a “NEGATIVE DIVERGENCE” signal on chart. So now we need to wait with the trendline and pattern support level.
As per current level we can see support level at 6770-6750 if nifty able to close below this level then we can see more selling pressure till 6650-6550-6400 also.
For any up move it need to give a positive bar from the support level of 6770-6750 level then only we can look for up move till 6850-6900-7050 levels in near future.
As per chart development we can only suggest one thing to all traders and investor is, if market is looking for good correction then wait till correction get completed, don’t make long position at upper level, rather than take long near to support level or go long when market confirm reversal from support level. We know that market is in good up move since long time with the upcoming event in market, but still fresh long should be build up near to support or reversal only for the safety.