As per expected and mentioned in the 2nd August post, Nifty broke the impervious low 5675 and made new low 5649.
Nifty is in third and last corrective pattern, it is difficult to say 5649 is the end of the down move but as mentioned earlier price is not yet reached till 5630. So, Price should retrace from now or from 5630 on Monday which was my expectation today.
So, Short trader can take the Buy on breakout the sloping resistance line for the target of 30 - 40 points with Stop loss 10 points or low of the day.
If price break below 5630, then we should adopt wait and watch on how the price will unfold further.
For the longer term trader, Nifty should break the 5800 decisively to confirm the trend reversal.
Happy Trading - Yogi
Nifty is in third and last corrective pattern, it is difficult to say 5649 is the end of the down move but as mentioned earlier price is not yet reached till 5630. So, Price should retrace from now or from 5630 on Monday which was my expectation today.
So, Short trader can take the Buy on breakout the sloping resistance line for the target of 30 - 40 points with Stop loss 10 points or low of the day.
If price break below 5630, then we should adopt wait and watch on how the price will unfold further.
For the longer term trader, Nifty should break the 5800 decisively to confirm the trend reversal.
Happy Trading - Yogi
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