One slip up and Nifty will become a sell on rallies market. Also Nifty's yesterday's move was expected from Tuesday. Check charts below.
In yesterday's chart before the market opening there was a warning with two DOJIs forming back to back and yes the downfall happened.
It was just a matter of time and also I was skeptical about the further up move of Nifty because of the absurd moves in the Open Interest at the different levels.
Hence from the last two posts I was sending out caution signals.
Now yesterdays high has become one big barrier for the up move and Nifty can be considered bullish only once it crosses that level.
Till then Nifty can be considered for a downfall and the level of 10080 becomes the obvious stoploss but one should wait for Nifty to give a positive rally and then sell with the stoploss mentioned above.
The level of 9923 is important for Nifty and if it breaches 9923 then bears will kill it.
In yesterday's chart before the market opening there was a warning with two DOJIs forming back to back and yes the downfall happened.
It was just a matter of time and also I was skeptical about the further up move of Nifty because of the absurd moves in the Open Interest at the different levels.
Hence from the last two posts I was sending out caution signals.
Now yesterdays high has become one big barrier for the up move and Nifty can be considered bullish only once it crosses that level.
Till then Nifty can be considered for a downfall and the level of 10080 becomes the obvious stoploss but one should wait for Nifty to give a positive rally and then sell with the stoploss mentioned above.
The level of 9923 is important for Nifty and if it breaches 9923 then bears will kill it.
