Technical Traders

Nifty on friday closed with mild gains forming a Bearish Harami Candlestick chart pattern on Weekly basis.After striking a high of 10137.85 market goes into consolidation followed by a steep 4 day correction.On the daily charts we have retraced marginally more than  50% of the previous fall.                                          The Bearish Harami Candlestick formation clearly reflecting weakness and Bearish Dominant hand in the market. In such cases we are likely to observe sell offs on rallies. Todays session also witnessing the same scenario. Nifty is having a strong support at 9650-9680 Zone. Markets are expected to test these levels in coming days since arrival of nifty at these levels could give markets a chance of bouncing back forming Double Bottom.

Today Nifty  opened more than 100 points down and Sensex with more than 300 amidst weak global cues.It ended this week following a 4 day losing streak.On daily charts Nifty has formed a long legged doji with a gap down indicating enormous uncertainty for markets next week.The Breadth continued to be in favour of the bears with 700 Advances to 1011 Declines on Nifty.In early trading sessions Nifty recovered about 70 odd points wherein bears pounced with 2nd leg of selling taking Nifty back to 9700.                                 The big boy SBIN came out with a disappointing set of results for which market gave a thumbs down, SBIN  & RELIANCE tumbles 5.6%  & 2.5% respectively adding further momentum downside.Today was the last session for this week , Nifty made a long Full body bearish candle on weekly charts ,alarming for further correction on the way next week , The ...