ended in red, Dow was trading down tonight.Nifty:
Nifty was unable to sustain critical closing levels of 2850, vanishing hopes of further rise and almost completes the formation of bearish mini Head-Shoulder formation from past 3 trading sessions. If neckline of 2785 levels is breached in next 2 or 3 trading sessions, again we can see 2700 levels.
For trading on Friday, initial movement may depend on asian markets and Dow tonight.
A fight between the bulls and bears around the neckline 2785 may be seen. Most likely nifty may not breach the neck line during trading, if does not breach it by a gap down open on friday, it will keep everyone on hanging in balance for Monday.
Nifty has fallen down continiously for 3 weeks from highs of 3100 levels to 2670 levels. So the positive weekly closing of 2800 or above should not surprise the traders. A lower weekly closing will weaken chart further.
No comments:
Post a Comment