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Sensex: 33382.7 +39.90 Gold: Rs.29654.00
Nifty: 10302.2 +18.60 Silver: Rs.39800.00
Nifty: Be careful about the long positions at the new all-time highs - IndiaNotes.com
Nifty: Be careful about the long positions at the new all-time highs
HDFC Sec | Published: 13 Jul, 2017  | Source : IndiaNotes.com

Current Observation:


- The consolidation type of movement of the last couple of sessions have led to sharp upmove today and Nifty witnessed a handsome gains of around 75 points in today’s session.


- Nifty opened today with upside gap of around 39 points (western gapgreen dashed lines) and shifted into gradual upmove for entire session. Finally closed near the upper end of daily range.


- A long bull candle has been formed today with gap up opening and the said opening upside gap remains unfilled.


- Normally, a formation of upside gaps after a sharp upmoves could indicate the possibility of converting into an exhaustion gap (filling of that gap immediately) or bullish run away gaps (gap remain unfilled for more than 3-5 days).


- Immediate filling of that gap (exhaustion gap) could possibly lead to reversal from the highs and unfilled gaps could mean some more upmove for near term (bullish run away gap).


Conclusion & Strategy:


- The short term trend of Nifty is sharply positive and the overall chart pattern is hinting at the possibility of euphoric buying, which is unfolding in the market. Further up move could be expected up to 10k mark, but one has to be careful about the long positions at the new all-time highs.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.