NIFTY closed below last swing low confirming downtrend. However, considering the fact that we have another swing low nearby and the strong put writing at 6000, I will wait for a close below 6000 for confirmation of start of downtrend.
Advance decline was expectedly negative. Option writing points to support at 6000 and resistance at 6300.
Also, complete retracement of previous up leg has bearish implications.
Intraday charts point to rangebound trading with a downward bias.
Advance decline was expectedly negative. Option writing points to support at 6000 and resistance at 6300.
Also, complete retracement of previous up leg has bearish implications.
Intraday charts point to rangebound trading with a downward bias.
Why these many confusions in this year 2013.generally we used to have a bear or bull market every year.but this year its a trading market.why these much volatility.one month 1000 points down,again 1200 points up.can we start our short positions if nifty breaks 6000.any expected target?
ReplyDeleteBelow 6000, market nature will change from 'buy on dips' to 'sell on bounce'
DeleteUse 30 min chart for positional long/ short trades