Call for day traders sell Hindalco @ 214 sl 216.6 tgt 211
All for day traders Sell IFCI @ 73.8 sl 74.7 tgt 72.5
EMT sell Tisco @ 636 sl 656 tgt 616/596
EMT sell HDIL @ 270.5 sl 280 tgt 260/250
Shooting Star – a sign of caution
The sell-off across all sectors brought the index down to settle below 6100 after hitting a weekly high of 6284.10. Moreover, on weekly degree Nifty has formed a Shooting Star candlestick pattern with a small real body at the lower end of the range and a long upper shadow. Such Shooting Stars sends a warning signal as bulls fail to gain control and an impending correction may be near. However, unless the trend of 21-daily exponential moving average changes or market gives a lower top lower bottom signal one should not jump the guns and start going short.
BSE Metal
BSE Metal seems to be in a short term correction mode, due to which it has a high probability to correct upto 17050 level. Moreover, today’s sell signal in daily MACD is also a sign of caution for the short term buyers.
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