Nifty Approaching Support.
Evening star Candlestick Pattern is going good with short sellers. Nifty in morning was not able to cross yesterday opening value of 18594, and gave up 18550 after trading near it for 2 hrs. Again by 1 pm nifty tried to cross 18550 level and after 30 min Nifty again broke 18550 level and closed below 18500 at 18486, which is was yester day low. From all this we can analysis that
1. Nifty is correcting it's up move from 18000 to 18660.
2. Nifty has closed near yesterday low means undercurrent is negtive and can move further down.
3. 20 day EMA is placed at 18350 and is meeting uptrend green line at 18350. This makes good support
for nifty near which short position can be closed.
4. MacD is in neutral position and is above 0 line. Which suggest side ways movement.
5. Gap b/w 20 DEMA and 50 DEMA is 450 points, if 20 DMA is broken on down , then 17900 should be
on brouser in next week. Again short should be initiated or old position be continued with trailing
100 pts SL if 18350 is given up. If not then short should be covered. And long position should be
initiated, if 18350 is not given up for 1 hour. Remember Nifty has not broken green up trend line,
which suggest nifty is in up trend , but this down fall should be taken as correction and not trend
reversal until lower high is broken.
1. Nifty is correcting it's up move from 18000 to 18660.
2. Nifty has closed near yesterday low means undercurrent is negtive and can move further down.
3. 20 day EMA is placed at 18350 and is meeting uptrend green line at 18350. This makes good support
for nifty near which short position can be closed.
4. MacD is in neutral position and is above 0 line. Which suggest side ways movement.
5. Gap b/w 20 DEMA and 50 DEMA is 450 points, if 20 DMA is broken on down , then 17900 should be
on brouser in next week. Again short should be initiated or old position be continued with trailing
100 pts SL if 18350 is given up. If not then short should be covered. And long position should be
initiated, if 18350 is not given up for 1 hour. Remember Nifty has not broken green up trend line,
which suggest nifty is in up trend , but this down fall should be taken as correction and not trend
reversal until lower high is broken.
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