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Current Observation: • After showing a minor lower levels recovery on Friday, Nifty continued with upside momentum today, but the up move was lacking strength to sustain. • Nifty opened today with flat note and started to show upside recovery since opening. The intraday trend remained positive for the whole session, but Nifty lost some of the gains towards the end of session. • We observe a formation of high wave type candle (a small body with long lower and upper shadow), which is suggesting a confusion state of mind among bulls to hold on the defense. The pattern of pullback rally of the last couple of sessions, after a sharp decline of last Thursday, is indicating the ongoing of bear market pullback rally. • Minor negative sequence of lower tops and bottoms is unfolding in Nifty as per intraday timeframe chart of 60 mins and currently Nifty is in the process of making new lower top for short term. This could possibly lead to a sharp decline in the market, after the completion of pullback rally. • Daily momentum oscillator like 14 period RSI has been struggling to move above the key lower hurdle of 40 levels. Daily RSI finding resistance at 40 levels means strong down trended move is on the way in Nifty for short term.
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Current Observation: • After showing a minor lower levels recovery on Friday, Nifty continued with upside momentum today, but the up move was lacking strength to sustain. • Nifty opened today with flat note and started to show upside recovery since opening. The intraday trend remained positive for the whole session, but Nifty lost some of the gains towards the end of session. • We observe a formation of high wave type candle (a small body with long lower and upper shadow), which is suggesting a confusion state of mind among bulls to hold on the defense. The pattern of pullback rally of the last couple of sessions, after a sharp decline of last Thursday, is indicating the ongoing of bear market pullback rally. • Minor negative sequence of lower tops and bottoms is unfolding in Nifty as per intraday timeframe chart of 60 mins and currently Nifty is in the process of making new lower top for short term. This could possibly lead to a sharp decline in the market, after the completion of pullback rally. • Daily momentum oscillator like 14 period RSI has been struggling to move above the key lower hurdle of 40 levels. Daily RSI finding resistance at 40 levels means strong down trended move is on the way in Nifty for short term.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
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Conclusion & Strategy: • The underlying short term trend of Nifty is slight positive but, the trend strength is lacking to sustain at the highs. Nifty is expected to finish its small upside bounce in the next 1-2 sessions. • Maximum upside for Nifty could be limited up to 8060-70 levels and immediate support is now placed around 7940-30 levels.
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