It was really a Death Drive on Market for past 4 Days. No respect for Support & Resistance. Market continue to trade with High voltage of Volatile. Drastic Movements on stocks also continuing. It is better to take a informed decision to protect your capital. Global Market continue to shed blood along with Big Fatty Dragon China.
Chart formation on Global Market also looks dangerous, Shows that we must live with these kind of volatile in coming days also. In Such case, trading may become a Sky Dive.
When Nifty was trading near 7950 - We have warned all our readers about the danger of a Fast Correction. But when the Price continues to trade below 7550 or 7490 - We have exited our Longs with Loss. Have kept warning our clients - not to over trade or enter Index when there was a hasty upmove.
So many questions asked about - what do N4A thinks about market. We hope the situation is not comfortable for either short or long, as we are seeing a 100 to 150 points roller coaster every day. Unless the price comes near some important support with minimum risk, there is no meaning in entering the index trading.
Today I have given Reliance Chart - Which we have shorted also, we are bearish and holding short for a Good Fall. Actually all the channels and medias are giving a Buy call and the stocks continues to move higher after the news of JIO launch. But I strongly believe that the Price had reached an important resistance, if unable to cross, stock may witness heavy fall. ( Please refer the chart given below ). In such a case, Nifty may come under pressure also, No doubt about it. So lets wait for Tomorrow's closing (weekend) to come to a conclusion. Lets also see in detail about the possibilities left in coming days on our Weekly Review.
>>> NIFTY HOURLY CHART <<<
>>> Click the chart to see on full screen <<<
Looks like a false break out today. If so, expect one more fall tomorrow also.
>>> RELIANCE - HOURLY CHART <<<
>>> Click the chart to see on full screen <<<
We have shorted Reliance and holding for a good fall. As per above chart, If channel and analysis is not wrong, expect a good fall. Else of Price moves above the given Channel - Rally and short covering possible. Lets See. Cheers!!!
