nifty hit the falling tline and an imp resistance to its pullback at 5945.
as was said repeatedly it will be freshly bullish only above 5950 or 6000.
after touching 5950 profit booking brought it down to 5822 and closed at 5842.
the weekly candle forms a gravestone like doji with open and close at 5842 and a longish upper shadow. which signifies nifty may be near a short term reversal point to its uptrend. early last month i had given time till second week of april for the pullback from lows of 5200 and this week we have hit the resistance as well as time frame for pullback so lets see.
as a trading strategy one can short lightly with 5950 as sl for near term if it closes few points below 5800.
as was said repeatedly it will be freshly bullish only above 5950 or 6000.
after touching 5950 profit booking brought it down to 5822 and closed at 5842.
the weekly candle forms a gravestone like doji with open and close at 5842 and a longish upper shadow. which signifies nifty may be near a short term reversal point to its uptrend. early last month i had given time till second week of april for the pullback from lows of 5200 and this week we have hit the resistance as well as time frame for pullback so lets see.
as a trading strategy one can short lightly with 5950 as sl for near term if it closes few points below 5800.
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