Nifty CMP : 4313
It Looks we had become bullish after the huge rally on last Wednesday (30/07/08) close.
Every Thing Looks Fine Except the Technicals.
I was confused and thinking about the rally and the patterns formed in nifty
The Problem is on Tuesday(29/07/08) we closed with weak Bearish Continuing Island Top reversal pattern.
And a sudden upside reversal on tuesday would probably could change the sentiment among the investors
and common traders about the market.
But the truth fact is the pattern what we formed on Wednesday's closing is a Bearish engulfing pattern.
Its is just a Bear Trap for the traders and Investors set by the operators.
As per Technicals Nifty Should not fall and close below 4220 as of now which is a weak in terms of sentiment and technicals.
Always assure yourself that Reliance and ICICI doesnt cracks below 21 day EMA. Else 4073 and 3800 is possible in near term