Nifty , after two gap up has finally seems to be exhausted on third gap forming Exhaustion Gap, as immediately next day after Gap up a highly bearish Piercing Candle has been formed.
Nifty on 19th Sept. break above the trend line resistance in a style on FED cheer, which barely lasted next day. RBI Repo rate increase spoiled the party forming a Bearish Piercing Candle.
Only solace is the close was much above the trend line.
Considering the Gap formation & the candlestick combination upside seems to be capped at least till expiry.
Please go through the Disclaimer mentioned elsewhere in blog.
Disclosure : No position in Index Fututre or Option. Have considerable cash market Holding.
Nifty on 19th Sept. break above the trend line resistance in a style on FED cheer, which barely lasted next day. RBI Repo rate increase spoiled the party forming a Bearish Piercing Candle.
Only solace is the close was much above the trend line.
Considering the Gap formation & the candlestick combination upside seems to be capped at least till expiry.
Please go through the Disclaimer mentioned elsewhere in blog.
Disclosure : No position in Index Fututre or Option. Have considerable cash market Holding.
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