In sympathy with the foreign markets, Nifty future opened GAP down. During the day it made attempts to go up, but remained range bound.
As can be seen in the attached chart, Nifty Futures has closed below the Trend Line and appears to be poised to go below 3520. Below 3500 it can find support at 3425. Any short position in Nifty Future should have stop loss of 3638.
Similarly, Reliance Future has also closed below the Trend Line and is likely to see lower levels. As referred yesterday, Reliance has to go below 1840 to start becoming weak and can see the level of 1760.
I have attached the chart of DOW EOD, where in you will see similar set up like Nifty & Reliance. Below 8190, it has the potential to go up to 8000-8050. This coupled with the suspense of Election results, could precipitate the down fall.
My guess is - tomorrow could be that day, as the cat will be out of the bag, when markets open on Monday next
Trade safely in Volatile Markets,
ketan Asher.
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Very well written
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