On 26 april it has been mentioned that ---- SEEING LAST WEEK CLOSE WE ARE HAVING FEELING OF NIFTY WILL TAKE OUT THESE RESISTANCES WHICH WILL BE MAJOR BREAKOUT FOR NIFTY ( i.e. IT STARTS TRADING ABOVE 5940-50 ) AND POSSIBILITY OF MAKING NEW LIFE TIME HIGH IN THIS FINANCIAL YEAR. BUT THIS VIEW WILL CHANGE IF ----
1) It breaks today's low of 5791.55
2) daily close below 5693.25
3) weekly close below 5177.70
But on 28 april first support (5791.55) broken on hourly chart, and second support (5693.25) broken on 3 may on daily chart thus the possibility is now weakning and short term trend is turned bearish ( downtrend ).
Trader always keeps all the possibilities open all the time and changes his views from time to time by seeing price actions taking place on charts. REMEBER, DONT BE ON BULL SIDE OR BEAR SIDE TRY TO BE ON RIGHT SIDE MOST OF THE TIMES.
1) It breaks today's low of 5791.55
2) daily close below 5693.25
3) weekly close below 5177.70
But on 28 april first support (5791.55) broken on hourly chart, and second support (5693.25) broken on 3 may on daily chart thus the possibility is now weakning and short term trend is turned bearish ( downtrend ).
Trader always keeps all the possibilities open all the time and changes his views from time to time by seeing price actions taking place on charts. REMEBER, DONT BE ON BULL SIDE OR BEAR SIDE TRY TO BE ON RIGHT SIDE MOST OF THE TIMES.
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