==>> Nifty closed below the long term trendline

On 29th May Nifty closed well above the Long term trendline after finding good support at the same level. But as mentioned that the exact pattern will be clear within 1-2 days. Yesterday Nifty closed below the long term trenline. Nifty for sometime found good support at 4900 levels, but finally lost control and was dragged down till 4801 and closed at 4835.30. There was good volumes in the Nifty 4900 puts. That means good short built up seen in Nifty futures with great volumes.

As mentioned that the Nifty close below the long term could be a cautious sign. Yesterday Nifty chart showed an bearish Engulfing pattern. Nifty has a good suppot at 4800 levels, but that can also be broken. We might see good opening on the back of global markets, but the question is , WILL THAT SUSTAIN?? The pattern to be broken in the Nifty chart, the close should be above 4900. Till that time "NO TEJI". Weekend inflation data will also be announced. Nothing great has been done to control inflation, so i dont think that we will lower inflation rate.

I am proud to say that the Viewers of this blog were well informed about fall in the market, before the mayhem occured. Yesterday we saw Nifty plunging down till 4800 levels within minutes as soon as it broke the long term trendline. Yesterday in the opening session i have clear mentioned that Keep ur positions light and book profits as and when needed.