Hammer ends the current bearish correction. Will see some upward movement in next week.
Nifty - bearish (OBV acc/dist )
OBV and accumulation /distribution are not increasing with nifty this can be bearish signal as at higher levels selloff are with higher volumes.
L&T breakout target 1090.
Earlier Candle stick indicated the bullish signal. Now there is a breakout from the Inverted Head & Shoulder giving target of 1090.
Doji Confirmation on Nifty
Doji confirmation in Nifty means that the corrective down trend has ended. As stated earlier SL of 6100 can be maintained
L&T - Engulfing Bullish Line
There is Engulfing bullish line in L&T and next 5~7 days it will see some rise.
Nifty update
As posted earlier about 5972 being support I was just checking Nifty chart and find that if it is broken there is a good chance of completion of Head and shoulder in Nifty. So if Nifty breaks below 5970 target of 5600 can be predicted.
BUT wait for it to break 5972 since it is a good support.
BUT wait for it to break 5972 since it is a good support.
Will Nifty honour the trendline ?
There is a short term trend-line appearing in the Nifty chart. Will it honour it is to be seen.
If Nifty takes support at 6200 than it can be next leg can start and 6200 can act as StopLoss .
If Nifty takes support at 6200 than it can be next leg can start and 6200 can act as StopLoss .
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