Reliance and Nifty Symbols Bearishness
Weekly Charts of Reliance closed below fresh 4 week low. Also top formation
witnessed in weekly charts. Symbols alarming for next week. Also when nifty
and reliance makes historical circuits…. truly reliance whas leading nifty by that time.
After hitting circuits, a day later nifty was trading near 4200 and reliance near 2400 levels. And currently nifty is trading above 4300 but reliance is trading near 2040 levels
1)Reliance(market leader) is underperforming Nifty. And as per dow theory it is a sell for next week
2)As per Donian chain rule Reliance closed exactly below 4 week. Which is an alarming event.
3)Nifty also witness a three week top formation pattern. Short term upside should be used as an exit for the market.
4)13 EMA supports near 4474 broken last week
5)Daily Supports comes near 34 EMA(4189). Next level of support comes near 3950 levels.
5)Daily Chart forms Bearish rising wedge pattern
5) 10 day Trin is trading above 1 but at oversold levels…. this is confusing me
about the downside. Rest everything looks bearish.
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Written by: Rajandran R
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dear friendi have been visiting your blog since past couple of weeks, and would like to say that i have learnt a lot over here.i would just like to ask you 1 thing, dont u think that there are chances that reliance might juss go down enough to fill the gap and then maybe move upwards, a couple of scrips have done that so i dont think it would b surprising.Arpit
Yeah that would be suprising. Let see 4460-4480 stands a good level of resistance.
10 day trin is oversold levels, but nifty is going down.do u think any short covering may happen after touching 4182/90 levels, me too thinking of wat Arpit posted..Thanks in advance