Todays Market Closed. What is the Pattern?

[dsanjyot]

I feel otherwise. If u check the last three days of the candles there is tremendous indecisiveness amongst the bulls who took the NIFTY ans SENSEX at peak. Not all the bulls are comfortable at this height. Hence it is most likely that some of the bulls have already booked the profit and there are fewer LONGS available for market to go up.

Alternatively some shorts are also created during the day and bcos those getting covered at the end of the day there might be a pullback in the last half an hour. Check the corrected nifty figures closing price @ 4499 which is down by whopping 9 points.

What do u say?

 

[yasirsait]

Hhhmm,

Interesting way to look at it. I do see your point and I also agree that Nifty needs to cool off a little. However, I don't think there is any need to panic just yet. Even from a medium term point of view, ma 20 at 4368 is strong support.

 

[JAISWANI]

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Thanks...............................

 

[Apurv7164]

Jaiswani!

Your logical point makes sense but as DSANJYOT made point that mkt has lot of indecisiveness amongst the bulls and bears fight... that's also convincing... isn't it???? I don't say ur logic won't work but I also strongly believe in candles... Have a look on candle formed on 20th... once again DOJI... indecisiveness????

However, weekly candles does not show any sign of reversal but how about daily candles???? Japanese say that fall of one leaf can give indication of potential change in season.... theory doesn't work 100% these days but we can't ignore also.... what say????

Let's see what mkt has in store this week....

 

[yasirsait]

Friday closing looks like a shooting star to me. However, confirmation needs to come in the form of a black candle. I do not see this happening.

All the seeming indecisiveness is because of the expiry being 4 days away. People are looking at rolling over their positions.

I believe that once the expiry is over, the nifty will get fresh blood to go ahead once again.

I reiterate my earlier target of 4840.

Peace,
Yasir

 

[Apurv7164]

Hi!

One more Doji at higher leval... One more match between bulls and bears went draw....

Thoughts from senior members???

 

[trying2trade]

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