Nifty spot has successfully tested its flip resistance near 8000 and witnessed nice selling pressure after hitting intra-day high of 7978.45 and settled at 7912.05. Prices are facing resistance near 200 days SMA and 50% correction level of entire bearish attempt from top of 9119.20 to low of 6825.80. Nifty has been witnessing a consolidation in a small range from last 3 days that marks possibility of a bearish breakaway candlestick pattern which consists 5 candlesticks. We need 1 more candle to confirm completion of this pattern. MACD has been staying bullish territory but historical movement on this indicator hints overbought reading and might bring a reversal in this counter. 14 periods daily RSI is also around 67% and remains favourable for bears as long as RSI zone shift takes place. In this set-up we are using 2 moving average system to determine long term trend but short term ( 50 days) moving average is below long term (200 days) moving average that suggests a clear dow...
Rule number 1.Don't lose your money , Rule number 2.Don't ever-ever forget rule number 1.