Weekly Technical View for 24 June onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

 

Nifty Daily Chart

Nifty Daily Chart

Nifty Weekly Chart

Nifty Weekly Chart

 

Monthly Lower High (LH), Lower Low (LL) (June developing). Weekly continuation of LH,LL bullish divergence subject to price confirmation for trading entries on 5 Day close EMA.

As per Daily charts RSI-9 and on the Weekly charts RSI-14 shows market in deep oversold condition, from here on we can expect technical bounce to test 200 DEMA = 5765, which is nothing but the corrective rally, for one sharper fall.

As per MY understanding “FII’s sitting on piles of profits, need not to cover shorts on technical bounce. Trading long will be risky, so I would advise to prefer short on rally. To sell on rallies at 5765-5800 or buying PE options at that time will have better risk rewards ratios.

Wisdom Thoughts

Bottom fishing turns trader into fish at bottom of the net.

Catching a falling knife if it bleeds, you are lucky it had not cut your fingers.

(Dear readers, you can also express your view in Way2Profits, you just have to send us request, and your current research articles with supporting charts)

 

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