Island Reversal pattern is formed on daily charts of nifty.This is a significant reversal pattern.Also the keeping a watch on volumes we had more volume when on friday when RBI announced policy(sensex down 387 points) rather than on tuesday when sensex was up 685 points on back of FED decision.
On observing further we find Nifty had given false breakout above the triangle, once entered the triangle we can look for decent support at 5700 below which downside would be aggravated,hence for meanwhile we need to watch 5700 and 6000-6030 as key levels for breakdown or breakout.
Also an update all our long positions have been stopped out
Century modified stop hit, but we made 5% on the trade
Tata Steel modified stop hit, exited Cost to Cost
Tata Motors modified stop hit with gain of 2%
Zee SL hit Loss 5%
Only long we have is TechMahindra once sustains and closes above 1330 v can see a fiery move towards 1390-1400 levels we bought around 1275 levels
Modify SL to 1280
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