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Nifty Still Looks good thru TA - No need to panic |
ipakrashi
White Belt
Joined: 09 Jul 2009
Posts: 16
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Post: #1  Posted: Thu Jul 30, 2009 12:30 am Post subject: Nifty Still Looks good thru TA - No need to panic |
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Hi Guys
The Nifty still looks good and there is no need for a knee jerk selloff. Hold on to your stocks. The reason for my belief is here :
1. The Nifty has an Inverted Head & Shoulders formation recently which is a bullish formation according to technical analysts.
2. The candle pattern formed on 29-07-2009 is regarded as "Hammer" which denotes that the BULLS though not be in control are present in the market and are buying stocks, thus we see the prices recovering from the Mid Day lows.
3. Until and unless 4125 is broken on the dwnside .. I believe that there is no reason to panic.
Trade well guys hold on to your positions, this is just a temporary pull back
Regards
Indranil
Please refer the attached Chart |
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