Has Nifty reversal already occured ?

[shahatish]

Hi dear all please give comentes or guideline as per candle stick charting bullish engulfing pattern occured therefore weather nifty reversal happened or we have to wait untill nifty first cross 3150 & then 3240 . please give suggestions .

 

[NOMINDTR]

Re: weather nifty reversal is already occured ?

Hi dear all please give comentes or guideline as per candle stick charting bullish engulfing pattern occured therefore weather nifty reversal happened or we have to wait untill nifty first cross 3150 & then 3240 . please give suggestions .

First let us wait for 3000 level. There no "reversal pattern" we do see.
I smell smart money moves the market. Let us not speculate

 

[NOMINDTR]

Re: weather nifty reversal is already occured ?

Few more points..

As far as my logic goes, market is likely to touch 3000 level. Consider this as a range rather than an absolute point. From there distribution suppose to happen.

Do not take anything as a reversal without confirmation.
Try to smell the counters in which you can easily observe the Institutional investment/trading. There are few scrips where you may not find much "noise". Try to build your own barometer to understand the money flow in the market.

Never forget the fact that, candle patterns (or anything you follow) alone would not be enough to determine the market direction, especially where the smart money on play.

Charts never predict the future. But it always reveals things for a sensible observer.

If you are a derivative player, I suggest not to carry over night positions unless you have your own purpose. Though if so, consider having some options spread to hedge your position.

Happy Trading.