Well, sorry I have been inconsistent for long. Hope to change for the better.
Nifty Index hit new Life High at 7172.35 but closed at 7108.75, thereby forming a classical "Shooting Star". The trend is very bullish but the Shooting Star is a warning signal. If the Index gaps down tomorrow and closes below it will be an Evening Star as well.
The Index may have formed a top at least for 2 days. If the actual General Election 2014 results on 16th May goes the exit polls way, the Index may even move higher, else 7172.35 could well be a short term top.
For the week, on the downside 7020 and 6940 are good supports. Any move below 6800 would see a sharp slide towards 6700 and even 6550.
Nifty Index hit new Life High at 7172.35 but closed at 7108.75, thereby forming a classical "Shooting Star". The trend is very bullish but the Shooting Star is a warning signal. If the Index gaps down tomorrow and closes below it will be an Evening Star as well.
The Index may have formed a top at least for 2 days. If the actual General Election 2014 results on 16th May goes the exit polls way, the Index may even move higher, else 7172.35 could well be a short term top.
For the week, on the downside 7020 and 6940 are good supports. Any move below 6800 would see a sharp slide towards 6700 and even 6550.
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