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Nifty outlook - Third gap up opening ahead of neckline resistanc

NSE:NIFTY   NIFTY 50
Nifty             advanced today in line with positive global cues and also marked its third gap up opening of the current rally from February lows.

For me, a third gap up opening is usually a sign of reversal in a sense that "dumb money" has entered into markets. This view would gain further credence if the index fails to take out/sustain above inverse head and shoulder neckline level around 8000.

A bullish break above 8000 on day end closing basis is needed to convince me that bull run is likely to continue.
nirav5
10 months ago
Hi I believe your instinct for 'third gap up' theory may not be wrong. NIFTY has completed bearish Butterfly Pattern. We may see a reversal tomorrow itself.
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