NIFTY_Weekly_Analysis 12-08-2017 Markets Flash Sale- NIFTY 9700

Nifty came Crashing from Mount 10,100 –
The profit booking as expected initiated the the down turn ,followed by the news of 331 shell companies being given notice by SEBI ( makes no sense )
but the last blow – The tensions between US and Korea made the index come down HARD at the 9700! Which further makes no sense unless we are at war :/

We see a Grave stone Doji on daily time frame on the shows sign of the Index resting ; If conditions worse we may see the index fall to 9500 levels.

148 nifty

The quarterly results have also added to the fuel for fall.

All and all a great time t go for NIFTY superstar- the blue-chips (Like SBI , ITC or Sun Pharma) as such corrections are truly Markets Flash Sales.

For short term cautiousness is required ; Option strategies with short calls or back spreads will do the trick 😉

 

EMA 20 & 50 Stay wide apart STILL  indicating bullishness –  (a cross of price below 20 EMA may trigger  Short term bear market)

Bullish Target Come Resistance 
9900-10120

Bearish target Come Support 
 9700  -9500

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