SELL NIFTY FOR A TARGET OF 9650,9277 & 9011 WITH A STOP LOSS OF 10220 ON CLOSING BASIS.
NIFTY HAS BEEN RISING CONSISTENTLY SINCE LAST 8 MONTHS WITHOUT ANY MEANINGFUL CORRECTION. NOW WE HAVE DIVERGENCES STANDING IN OUR CHARTS WITH DOWNSIDE TARGETS OF 9277 & 9011. ALTHOUGH THERE HAS NOT BEEN ANY SIGNAL OF MARKETS ENTERING IN BEAR TERRITORY. ANY CLOSING BELOW 10010 WILL INVITE BEARS & WE CAN SEE A SHARP SELL OFF TILL 9650. THIS WILL COMPLETE OUR A OF ABC CORRECTION.THEN IT WILL MOVE BACK TO 9850 WHICH FOR A DEEP SELL OFF TILL 9277. ALL OSCILLATORS ARE OVERBOUGHT INCLUDING RSI, STOCHASTIC & WILLIAMS R%. SUPER TREND IS HOVERING AROUND 9875 WHICH CAN ACT AS A MINOR SUPPORT. WE ARE ALSO EXPECTING A CORRECTION IN DOW JONES FOR A TARGET OF 20200 & 19500. WHEREAS 22000 TO 22200 WILL ACT AS MAJOR SUPPLY AREA FOR THIS INDICES.
ANY CLOSING ABOVE 10220 WILL INVALIDATE THESE TARGETS. CALL WILL GET ACTIVATED ONLY AFTER CLOSING BELOW 10010.