Nifty (Short): Bearish Crab Pattern & Double Top

NSE:NIFTY   Nifty 50 Index
Bearish Crab Pattern Completion

Market is consolidating for past two days

Nifty             has Double top formation near Crab Completion

Though it took out my stops on previous trade, we got another chance to enter at more better spot with Double Top .

While I am posting this its forming bearish doji , enter this trade after the current candle closes in Bearish mode

We are targeting around 7900's (300 points) , so 100 -150 point stops ( 8300;s) won't do much damage.

But if you are very conservative trader, Please dont risk.
Comment: RBI policy will decide the direction of Nifty ? We will get to know @11.00 am today.

My opinion is - Policy Rate Unchanged ( Market falls) - Higher chances
If Policy rate cut - Market veers off to higher highs.

Lets see what RBI Governor has in mind @11...
Comment: Nifty is 45 points short of my stops
Comment: This trade is lesson for everyone of Us. We took short positions around 8200's based on our analysis with stops above 8300's but Nifty straight away raised to 8300 and niggled with those levels and turned back to profits.

That's why every trader should be really patient & dont change anything after fixing their stops and targets.

Always follow your plan it will be rewarded for sure ! Happy Trading !
Great analysis. Nifty rallied up to nearly 8300.. Do you think it will get past 8300 or do you think it will fall?
+1 Reply
@VPS, At this moment I don't have any valid reasons to predict Up or down move. But there is channel formation in Nifty (hourly), so any direction possible. If it moves up, my stops will hit. Thats it :)
No change , waiting for market fall
InsiderB yeoledinesh
Yes.. Nifty is flat after RBI meet. Though RSI gives bearish divergence there is no significant fall. Market is Master always, so lets wait
InsiderB InsiderB
*was flat just after RBI meet
Following the same
+1 Reply
InsiderB yeoledinesh
All the Best, Dinesh !
+1 Reply
InsiderB djhimmu
You're welcome djhimmu
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