Yesterday all you guys had very good expiry day , I hope !
So for coming days we are ready with our analysis for Nifty.
The reversal zone marked has few fib confluences too which I removed as the chart looks messy. Right in our resistance zone we have potential bearish butterfly completion where we can initiate our short positions for smaller pattern based targets.
Nifty is rising up like a rocket for past two days and bulls will take rest for sometime which will result in pullback towards 7900-7950's ( I marked the zone wide, which is intentional too)
If the expected pullback happens then we can initiate long positions and note that Nifty is already heavily overbought more than 95 RSI.
Some will have apprehensions to go against trend (i.e) to enter the bear butterfly, if you feel so pls stay out n watch how it pans out. There is absolutely no harm & ur capital is also safe and you guys can enter later during the pullback .
If you Like this Hit Thumbs Up / Comment your views too..
Happy Trading !
Kommentar
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Nifty prices ranging around our marked zone for past 3 hours, lets watch what happens !
Kommentar
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As I got few private message's about my stoploss level, I am revealing usually I don't do so, its 8200's and Nifty is just 50-60 points shy of My Stops... Stoploss or Targets ?
Nifty will answer all of us Next week !
Kommentar
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Nifty is more closer to our stops, Lets wait with patience, if Nifty shoots up we will accept that humbly.
@jangseohee, Its good to see opinions based on trendlines & channels. Good one !
jangseohee
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short term could be overbought, but india economy is picking up, which is part of EEM, another good year...
InsiderB
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You're right, in short term only I am expecting pullback. On Economic side (Fundamental analysis) what you said about India is right but China's slowdown has its own impacts on Indian economy.
jangseohee
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next trigger will be China ^_^
InsiderB
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That's the fact which makes economists around the world anxious.
K-TOS
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I've sent you a private message my friend, Check and if possible, I'll appreciate a reply.