Friday, June 13, 2014

Nifty Technical Analysis June 13

The pattern occurs at the top of a trend or during an uptrend. The name Hanging Man comes from the fact that the candlestick looks somewhat like a hanging man. It is a single candlestick pattern that has a long lower shadow and a small body at or very near the top of its daily trading range

The market is uncertain with a negative bias. The traders seem to be in wait and watch mode. The negative sentiment, however, is increasing as evident from the last bearish pattern. So, it is better to be on alert.

Nifty technical suggest, bears are round the corner in short term and will attack soon. 7777 is my upper limit. Trader can short Nifty for next month or in around  budget day. Market has already encased the good news. Now it's time to profit booking. Long term is still bulling. We are on verge of mega bull run.