Nifty50 - Overall Still Bearish - Sell On Rise Candidate

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NIFTY is still a sell on rise candidate on DTF & WTF basis. Overall view still bearish as the index is still trading below 20/50/100 EMA

Any upside will be just a pullback retracement rally,. Potential bearish pole and flag patten in the making and such pattens do attract 38.2%, 50% and 61.8% levels which are depicted using Fibo levels. A 72.8% retracement is a possible stretch and remote possibility

T1 - 15989
T2 - 16180
T3 - 16450

Downside open to 15110 levels again

Interestingly on weekly time frame on June 13th, NIFTY formed a falling window candlestick pattern and as of July 1st closing, it has formed Downside Tasuki gap. As per the pattern analysis, bears are still strong as the bulls were not able to close the gap within 3 weeks of trades of falling window candlestick patten being formed. Sure you can see a retracement on the upside but higher level bears will bring in the supply making it a Sell On Rise candidate

Disclaimer -

- The view expressed here are my personal views. I am publishing this for my own records and what I see on charts.
- If you're referring to this, please consider this ONLY FOR educational & research purposes.
- Past performance is not a guarantee for future predictions
- Any decision you take, you need to take responsibility for the same. DO NOT consider this as an investment suggestion.
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- Do your own analysis and consult your financial advisor before investing.

TIA!

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