Nifty opened strong courtesy overnight bullishness in Dow and then of course strong cues from the Asian bourses. Today was profit booking day, like I have been commenting earlier time to take some money off the table. Very choppy intraday action, as one can see on the 5 min chart on the left. The hourly chart on the right has a new HH in place. Nothing much to comment today, the daily chart below shows a shooting star. Profit taking? Exhaustion perhaps! Interestingly Nifty has just closed in the vicinity of the long term sloping trend line. 4450/70 needs to be tested to cement further the up move and the oft repeated 4370 plays the pivotal role.
"It's choice - not chance - that determines your destiny."
Jean Nidetch
Hmmm the choice …… use STOPS!!!!
4 comments:
Isn't that Grave Stone reversal Candle on Daily chart?
Its very simple analysis with just the critical numbers ( 4470 & 4370 ) to watch out for.
man4urheart
Thanks for correcting me. I am bit rustic in candlesticks!
Regards
Ilango Hi,
Yeps the simpler the better!!!!
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