Weekly Closing Basis - Bearish engulfing pattern made on weekly charts of Nifty. This suggests change in trend from up to either sideways or down. Next week close would tell us the story.
Overbought nature suggests some cooling off.
Daily Closing Basis - Formation of lower highs and lower lows is intact, trend on daily remains down. We are close to the earlier swing low of 6079. Price action at that point would suggest what needs to be done.
I personally am short in Nifty Futures November 2013 Series.
For the move to be trending its has to stay below 6185.
Last Candlestick
Overbought nature suggests some cooling off.
Daily Closing Basis - Formation of lower highs and lower lows is intact, trend on daily remains down. We are close to the earlier swing low of 6079. Price action at that point would suggest what needs to be done.
I personally am short in Nifty Futures November 2013 Series.
For the move to be trending its has to stay below 6185.
- Trend - Down
- Quality - Strong
- 5DHEMA - 6255
- 5DLEMA - 6185
- 13EMA - 6196
Last Candlestick
- O-6170
- H-6185
- L-6121
- C-6141
