Nifty Weekly Technical Outlook for 28th Apr’15

The week of Dilemma or Killing Volatility

Last week when I was writing, I was little confident that Nifty is likely to find support somewhere above 8470 levels, and I mentioned that very clearly. But, on Monday when market opened marginally higher and breached 8470, made a low of 8422.75, I was surrendered, and it was very clear that Nifty opened window for 8270 levels. Now on Tuesday & Wednesday Nifty drifted further lower, made a panic low of 8284.70 and recovered sharply from the lows, formed Hammer kind of candlestick pattern, which again reinstated hope of recovery in left over days, but unfortunately I was right only for first half of Thursday, in second half Nifty again gave up all the gains, and lastly on Friday it made another low of 8273.75 and lastly closed at 8305.25. Generally, I don’t prefer to bore you with describing last week’s price action, as it is of less use now, but In last five sessions we have seen extreme volatility, in an intraday Nifty moves were crazy and trust me whether you are long or short you are bound to give stop loss, no matter how smart you are, unless and until you are a positional trader and holding position without stop loss.  Honestly speaking trading such market becomes very difficult.

nifty weekly chart 28 apr

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