Watch out for tomorrow in NSE (trading strategy)
Formation of DOJI candlestick pattern on friday 12 JULY 2013
CONFIRMATION
Formation of DOJI CANDLESTICK pattern in an Uptrend and its also conformed previously on thursday by opening in green and closing in green after giving a force momentum of around 68 points. Its conformed by DOJI on friday that market is overbought at this point of time. Short term reversal is seen shortly. Probably on monday morning(15 july 2013).
TRADING STRATEGIES FOR MONDAY MORNING
(15 july 2013)
Chart
FOR BEARS
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- If monday market opening is below 5993 level and sustains in that level till 9:45 from pre opening.. its is conformed that market has taken a down trend for monday market.
- Here comes the next level - MAJOR support level of 5967. If nifty breaks 5967 level with good volumes then likely to have blood bath for monday.
- After breaking of 5967 level then comes the level of 5938 another major support level.
FOR BULLS
- Its time for Bulls to wrap up their positions or holdings for short term and book profits safely to avoid risk.
- If and only if the nifty opening is above 5993 level and sustains there then more possibility of market taking a force upward momentum and can reach to resistance level 6018 in morning itself.
- Then comes another resistance level of 6038 which is also new high for this july.
TIP FOR MONDAY = BUY NIFTY 5800 PUT OPTION
