Owing to weak global conditions, Nifty would be a huge gap down today. The probable supports as per the bearish pattern forming would be near. 5230-50. The low of 5197 should not be breached for the bearish pattern to be valid as
http://tradeessentials.blogspot.com/2011/07/development-of-bullish-pattern-within.html
The continuity chart of the above link:
XA = 5912-5197
B= 5740
C can be equal or greater than A but never less than A
i.e C >=5197 - supports at 5228, 5258.
For the Bearish Pattern to be valid,
1. NS must take supports near 5225 - 5258 because A = 5197 MUST NOT be breached.
2. Once it breaches then the new low would be A of the bearish pattern and chart should be remarked.
Below 5225 the Probale levels are:5165, 4960
Action Plan for the Day:
partbook shorts near 5200 - 5225. and Hold shorts with SL of Hr close above 5260 - Previous price action from where the uptrend started to 5740.
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