Nifty Has given a break down sign on Wednesday (09-11-2011). The Day saw nifty making a Gap up opening however by the day end all the bullishness in the market has been swayed away and the Nifty closed near its Day low.The Nifty has made a shooting star pattern on the Daily charts, which is a Trend reversal pattern.
I must be guilty of updating my posts a little late, (as i want my investors to be safe rather than face the market volatility) still the Nifty looks very weak and one can still make huge profits by going short on Nifty at current levels and the Target certainly looks good for 4720 support that the nifty has been testing time and again for some time now.
On the Weekly charts the Nifty has been moving in a down channel and had a strong resistance at 5400 levels which still holds good, and the Nifty has given a reversal from that very range.
As mentioned in my earlier post, the Signal has now emerged as nifty has managed to fill the Gap it has created on 28-10-2011 and it has closed near the opening of the Gap on Friday.
The Nifty now will try to find support at 5000 levels however nifty looks good for the Target of 4700.
So happy Selling and Trail your Targets to maximise profits.
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