Nifty View for the week starting 10 Apr 17-
On Friday Nifty fell by 63 points to close near 9197. This is one of the biggest fall in one day in recent past.
We know that markets can not run one way. At upper levels you will experience profit booking. This profit booking will make markets move down.
One such profit booking (Long Unwinding) is seen in Nifty at higher levels on Friday. I have explained this with the help of 60 min chart below. On 60 min chart you can see that Nifty broke below a good support near 9220. This can be start of down trend on 60 mins chart. There are 2 important supports near 9160 and 9133 apart from the current level at 9190.
On a lager (Weekly) time frame a inverted hammer candle at the top is just an indication of Bulls Exhaustion. This is just indicating that the markets can remain in a range or see some selling pressure unless it breaks above 9273. Every dip in price will be buying opportunity, as the long term trend is very much up.
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