Nifty has formed bearish hanging man pattern in daily charts for 2 days in a row.
There is high probability of trend reversal.
I think the 38.2% retracement level of the upmove which started at 3974and ended around 4724,can be reached.
The target level for nifty futures would be 4436.
keep stop loss at 4734.
Wednesday, August 5, 2009
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