Bears strike again!
The Nifty opened up just a tad below previous high at 11584.1 and stayed strong throughout the session, but in the last hour, it gave up all the gains and tanked to make a low at 11446.1 before settling at 11504.95 or 11.15 points lower.
Here are my observations from the Daily Chart of the Nifty…
- Nifty had open and high same at 11584.1 which also coincides with the downsloping trendline as well as horizontal resistance.
- Nifty has printed a Bearish Belt Hold candlestick pattern which usually occurs at the swing tops and signals imminent reversal.
- Nifty on weekly bars has traced out a Doji candlestick pattern which shows the indecisiveness near the crucial resistance zone.
- Nifty is likely to slide down up to the lower downsloping trendline at around the previous swing low at 11185-11100.
Nifty Bank continues to bleed!
Nifty Bank has clearly broken the rising trend line and an 8-day consolidation which shows that the weakness can continue up to 21350-21000.
It’s time to be extremely cautious!
Here’s the list of stocks as per my Swing Trading Model. You can chose to enter at an intraday correction of 2-3%.
I have no open positions as far as Swing Trading is concerned!
Do have a look at the real-time performance of my strategies updated yesterday!
Have a great trading day on Monday!
*** This is not an investment advice and only for information and educational purposes.