Above Chart shows Nifty has made a huge harmonic bearish pattern on 23-07-2010 at 5477.5 level. As per the pattern, fall may continue till 3300 level but this is not confirmed.
According to above chart, Nifty has become range bound between 5477.5 and 5353.6.
Nifty weekly chart shows that Nifty still remains above the bullish support line 5366.75.
Further long position may be initiated if Nifty stays above 5477.5 level. Selling pressure will appear below 5354.6. Nifty downfall is tolerable till 4786.45. If breaks 4786.45 level then Nifty will enter into the new bearish phase of the market.
Therefore This is the time to define your trading strategy to beat the market.
Post your comments. Best of luck
