An attempt to chart the roadmap for next week.........Attaching 2 charts - the old chart updated (daily) and another one showing hourly candles)
Now that most of the bears are becoming bullish, I don't think Mr. Market will oblige the new bulls, and will try to get the stops of these bulls.
First bearish signs will start if Nifty spot is not able to cross 2980 (green ellipse on chart) in the first hour on Monday and then falls below 2910 (pink ellipse on chart). Target would then be 2840 -50 (orange ellipse on chart).
If 2840-50 holds, Nifty might make one more attempt to complete the pattern on daily charts (3040 - 50).
For Hindi film buffs, this market reminds of the famous Rajesh Khanna dialogue in the classic film - Anand (1970)
'Jahaanpanna. yeh Jeevan To Ek Kathputli Hai Jiski Dor Kisi Aur Ke Haath Mein Hai.'
Yeh TRADER To Ek Kathputli Hai Jiski Dor Kisi Aur Ke Haath Mein Hai.
This is just an attempt at day dreaming and market may behave completely differently...............take the above with fistfuls of salt.
However, options data seems to hint that sub - 2700 and 3100+ levels are very very remote this expiry. 2 more weeks for expiry, and expiry might be between 2800 - 2950.....still lots of time to go, anything can happen.
