Hello Friends,
Yesterdays close was 6178. Today market made a high of 6252 and closed at 6164 with a decrease of 1cr 20 lakhs in volume. It is clearly showing that market is not interested in going up. If market was interested in going up than there must be a demand as soon as market rallied above yesterdays high of 6217. But there was no participation by smart money even above the yesterday's high. Price remained above for few hours (more than minutes). Its a bearish characteristic.
Second bearish sign is that price closed today below yesterday's price.
Third bearish characteristic is that volume has decreased from yesterday by about 1.20 cr. Take it in a context that price broke yesterday's high and remained there for much time. Hence it shows a weakness of bulls.
Fourth bearish characteristic is showing in weakly charts. I don't use much weekly and monthly charts as they loose sensitivity. But there range is decreasing clearly and market has today poked above the high of 25th May 13 but closed below the low of last week's 6189. Weekly volume is also confirming that price is taking very less interest in going up.
1st I am still having bearish sentiments so no longs. Only looking for shorting opportunity to take part.
2nd I was stopped out today in the Nifty but took position again at the time of closing.
3rd Relaince has closed at 884. This stock is enough to take market down alone many times.
Hope many ghosts are following this thread :clapping:.
Regards
Strategic Investments
(Can anybody please tell me how to bring back my old charts which I posted on this site. I request moderators to restore them on the same postings where they were posted.)
Yesterdays close was 6178. Today market made a high of 6252 and closed at 6164 with a decrease of 1cr 20 lakhs in volume. It is clearly showing that market is not interested in going up. If market was interested in going up than there must be a demand as soon as market rallied above yesterdays high of 6217. But there was no participation by smart money even above the yesterday's high. Price remained above for few hours (more than minutes). Its a bearish characteristic.
Second bearish sign is that price closed today below yesterday's price.
Third bearish characteristic is that volume has decreased from yesterday by about 1.20 cr. Take it in a context that price broke yesterday's high and remained there for much time. Hence it shows a weakness of bulls.
Fourth bearish characteristic is showing in weakly charts. I don't use much weekly and monthly charts as they loose sensitivity. But there range is decreasing clearly and market has today poked above the high of 25th May 13 but closed below the low of last week's 6189. Weekly volume is also confirming that price is taking very less interest in going up.
1st I am still having bearish sentiments so no longs. Only looking for shorting opportunity to take part.
2nd I was stopped out today in the Nifty but took position again at the time of closing.
3rd Relaince has closed at 884. This stock is enough to take market down alone many times.
Hope many ghosts are following this thread :clapping:.
Regards
Strategic Investments
(Can anybody please tell me how to bring back my old charts which I posted on this site. I request moderators to restore them on the same postings where they were posted.)