Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Confusion With Nifty Direction Solved – We are Moving Down !!!

37 sec read


 

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
 
 
Regards,
Rajandran R
 
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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