January 10, 2011

No space for Bulls to Hide !!!

Nifty Fut closed today @ 5766 after breaking  major support of 5820.
This down move is very fast ,nearly loosing 7% in just 5 days
(5% in last 2days ).
On daily NF charts candle pattern looks like 3 BLACK CROWS , one of  Reversal pattern where three black candles appear consecutively, each one opening within the body of the other and closing at a new low,
Reflecting increased bearish strength.
Now supports to look at are 5720-5660.Not sure whether support levels  will hold or not.

Today only stock closed with strength is ACC.If tomorrow market get bounce it can b bought with stop of 1006 ..Trgt 1035-1045.
It might not sound very good idea to look for buy now..however we should have our stocks picked in case we see any technical bounce. 
charts for reference,

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