In the below daily chart, we can see a breakout to Triple Top on the news day. The next day Nifty has opened the gap up and tried to cross its next resistance i.e. 11650 but not succeeded. The closing was below resistance and chart pattern was Spinning Top that was the first signal of Bears. In that whole week, Nifty has maintained the same levels and on the weekly chart, it has made the Star Doji. In last week index price has fallen too fast and tried to take the support of 200 DMA. However, on the last trading day, the price has broken 200 DMA and closed below. If we see a weekly chart then Evening Star has been created on the chart. Now again overall sentiments are negative for the short to medium term.
Immediate support around 11100 and our view is sell on every rise or bounce. Looking targets of the coming days are 11100-10900.
Immediate support around 11100 and our view is sell on every rise or bounce. Looking targets of the coming days are 11100-10900.
