Nifty 60 mins
Explanation:
Previously we have shown our prefered and alternate scenarios. At that time the pattern was not clear and also the direction that Indian markets will take was quite tricky. But in past few days movement we can see a triangle formation in Nifty along with many other stocks.
Markets finally gave breakdown below 5400 and traders who were playing the range on Indian markets would have been surprised by the move. Break of 5400 breaks many crucial support levels and trendlines as shown.
Explanation:
Previously we have shown our prefered and alternate scenarios. At that time the pattern was not clear and also the direction that Indian markets will take was quite tricky. But in past few days movement we can see a triangle formation in Nifty along with many other stocks.
Markets finally gave breakdown below 5400 and traders who were playing the range on Indian markets would have been surprised by the move. Break of 5400 breaks many crucial support levels and trendlines as shown.
An important thing to observe is that the global markets were strong on Friday and we were the only one of the few markets globally that closed in red. This confirms that we are still moving independently without much relation to global movements.
We now expect selling pressure can accelerate and we might see 5200 levels before any meaningful bounce back. 5475 should now be kept as a crucial Risk management level and we should hold on to shorts as long as this level is not taken out on upside. We will re-evaluate the pattern if 5475 is broken on upside but this looks like a low probable scenario.
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Your low probability scenario has been hit.What now?
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