Markets are playing out as anticipated after the Nifty index broke below crucial supports at 4,900 on Friday. The breach has opened up further downsides for Indian equities.
A bearish continuation Flag (marked red) is now visible and has been broken.
The 52 week lows around 4,531 should now get tested and the 4,530-4,550 remains the likely target from hereon.
Traders who have missed the Friday session would now be staring at a gap down opening. The short term setups look oversold so a small bounce is possible and traders can add shorts.
The reversals/stop loss should now be at 4,906. Pullbacks towards 4,900 should be used to build shorts.
Markets are playing out as anticipated after the Nifty index broke below crucial supports at 4,900 on Friday. The breach has opened up further downsides for Indian equities.
A bearish continuation Flag (marked red) is now visible and has been broken.
The 52 week lows around 4,531 should now get tested and the 4,530-4,550 remains the likely target from hereon.
Traders who have missed the Friday session would now be staring at a gap down opening. The short term setups look oversold so a small bounce is possible and traders can add shorts.
The reversals/stop loss should now be at 4,906. Pullbacks towards 4,900 should be used to build shorts.
Markets are playing out as anticipated after the Nifty index broke below crucial supports at 4,900 on Friday. The breach has opened up further downsides for Indian equities.
A bearish continuation Flag (marked red) is now visible and has been broken.
The 52 week lows around 4,531 should now get tested and the 4,530-4,550 remains the likely target from hereon.
Traders who have missed the Friday session would now be staring at a gap down opening. The short term setups look oversold so a small bounce is possible and traders can add shorts.
The reversals/stop loss should now be at 4,906. Pullbacks towards 4,900 should be used to build shorts.
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