Nifty is being trashed badly. The way the selling is happening smacks of the fact that BIG BOYS are SELLING. Weekly Trend is sell. On a daily candlestick chart pattern, NIFTY has made a DOJI STAR. We had talked about the levels of 4840, 4770 & 4670 in last post. On closing basis, NIFTY seems to have respected the 4840 levels for the time being. The US market had a great start but sold off afterwards suggesting sell on rally conditioning of traders at the moment. The positive cues from the US markets would have given NIFTY an opportunity to open positive and if the traders/ buyers were to support te buying further may have created an abandoned baby on daily charts, thus creating a short term reversal pattern. This seems difficult unless the buyers here are anyways determined to buy. We have a turn date and lets see how the Monday opening turns up.
Strategy - Look for a Gap up or Marbuzo candle. Buy intraday, dont hold longs overnight. Trade on intraday basis only. Longs should be booked when in profits. Larger trend remains down, in daily as well.
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