Although, Nifty seems to have topped out, but Tops can't be sharp Reversals every time.. so we got out of our Shorts today near @ 5905 as there are some indications that it can again revisit 6050 ~ 6100 levels..
Let's have a Look at the Daily Chart:-
1) A Breakout has clearly failed, even though the strength of the rally was good. So BEARISH.
2) Nifty has made another Gap, most probably Exhaustion gap. So BEARISH.
3) Bollinger Band still in Uptrend. So BULLISH.
4) RSI has not broken its trendline. So BULLISH.
5) Stochastic giving early signs of short term Down trend.
So Overall, We will:-
1) SHORT, if Market revisits 6050 ~ 6100 levels with a Bearish sign or
2) SHORT, if market breaks 5870 (Today's low).
Same TGT = 5600
3) Bought near 5900 today with SL = 5870, TGT 6000 - 6050
Let's have a Look at the Daily Chart:-
1) A Breakout has clearly failed, even though the strength of the rally was good. So BEARISH.
2) Nifty has made another Gap, most probably Exhaustion gap. So BEARISH.
3) Bollinger Band still in Uptrend. So BULLISH.
4) RSI has not broken its trendline. So BULLISH.
5) Stochastic giving early signs of short term Down trend.
So Overall, We will:-
1) SHORT, if Market revisits 6050 ~ 6100 levels with a Bearish sign or
2) SHORT, if market breaks 5870 (Today's low).
Same TGT = 5600
3) Bought near 5900 today with SL = 5870, TGT 6000 - 6050
