Nifty - It is a Hanging Man on daily chart-
A Hanging Man candle emerged on the chart. Not only this candle has appeared while the NIFTY stays in a rising channel, but also below the important resistance point that lies in the form of the 100-DMA, which is presently at 10156. This makes the formation of this present candle potentially bearish.
Today's news flow is country specific and has potential to destabilize the markets, but more often such falls are buying opportunities. It is safe to assume, things won't escalate further between India and China.
Unfortunately there are other things that are not very comfortable for markets.
Reliance and US markets will continue to provide direction to the markets in near to medium term.
Important levels are mentioned on chart.
Trade with caution, preferably using low risk strategies.
Today's news flow is country specific and has potential to destabilize the markets, but more often such falls are buying opportunities. It is safe to assume, things won't escalate further between India and China.
Unfortunately there are other things that are not very comfortable for markets.
Reliance and US markets will continue to provide direction to the markets in near to medium term.
Important levels are mentioned on chart.
Trade with caution, preferably using low risk strategies.
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