NIFTY is showing signs of distribution and fatigue. The Indian Indices after a stellar rally from 7723 - 8450 odd levels.
Series of Bearish signals in NIFTY at TOP on Daily Chart.
1. Doji
2. Hanging Mans
3. Shooting Star
4. Harmi
5. Evening Star
6. Trendline Breakdown
7. Short Term Average Break.
8. Tweezer Top
Dollar (USD) strengthening against INR crossing resistance zone of 62.
The outlook for the NIFTY looks cautious with pivot support near 8320/8290 and Resistance of 8427/8440/8470/7490/7531.
So NIFTY can be sold on any rise with Stoploss of 8540 for initial targets of 8225/8162.
Series of Bearish signals in NIFTY at TOP on Daily Chart.
1. Doji
2. Hanging Mans
3. Shooting Star
4. Harmi
5. Evening Star
6. Trendline Breakdown
7. Short Term Average Break.
8. Tweezer Top
Daily Chart
Dollar (USD) strengthening against INR crossing resistance zone of 62.
The outlook for the NIFTY looks cautious with pivot support near 8320/8290 and Resistance of 8427/8440/8470/7490/7531.
So NIFTY can be sold on any rise with Stoploss of 8540 for initial targets of 8225/8162.
Raju V Angadi
Equity Research Analyst
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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets
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