Mentorship InstaView 16 Aug’21: Shooting Star ... Make a Wish


Nifty View: It has been a one-way high momentum rally for the benchmark Nifty over the past few trading sessions. At today’s close at 16,559, the index posts yet another positive day - up 42 points or 0.25%. A look at the 75mins chart, and we can see a “Shooting Star” which under the Japanese Candlestick parlance is a sign of a possible reversal. Now there is no doubt that it is a beautiful shootings star and you can wish for a correction, which is fine and healthy for the underlying uptrend. But do not expect any significant downsides based on this pattern only. Short term support to watch for is at (16,450-16,500).

Thank you for following my work and please feel free to share your thoughts and suggestions.      
 
Trade Well. Trade Wise.