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Nifty P&F setup - 29th Dec 2016
  • : December 28, 2016
  • : Definedge Research

Last closig price : 8034.85

  • Nifty dly 10 x 3 P&F chart Pattern: Double Bottom Sell  - Bearish
  • Nifty Trend (10 SMA): Price Below average - Bearish
  • Nifty setup: Bearish
  • Nifty 50 1% x 3 Breadth: 21 - Oversold
  • Bullish revesal level : 8070 (Low Pole)
Recommended strategy for the day: Be a lazy trader, find strong reasons to trade. Apply quick profit booking strategies.

Risk reward ratio looks not in favour of fresh positional bearish trades. 

P&F setups to refer in individual charts: Prefer aggressive exits over riding techniques. Utilise bands, counts and Poles.
Outperforming sectors (based on RS charts):  FMCG
Underperforming sectors 
(based on RS charts):  PSU bank,  Fin service, Commodities, Bank Nifty, Pvt bank.