Today nifty went ahead and touched 12247 and also broke the previous day low. Higher high and lower low formation is made there by widening the trading range in the coming week.
Bank Nifty already looks weak, could not support the falling nifty and that too ended negative.
There is a mixed signal indicating end of up trend started from 11614. We need to get confirmation on Monday if nifty is not able to cross 12197.80.
Monday we expect a tepid start with nifty trying to clinch previous expiry figure 12179 and 12198. Down side on Monday could be deeper than what happened on Friday. It could be somewhere near 12010.
Shorts can be initiated at 12198, for a weekly target of 11950/870. SL 12248.
Be ready for a down side move. The real picture starts on Monday only. Today was a trailer.
Good Luck!
No comments:
Post a Comment
Note: only a member of this blog may post a comment.