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Weekly analysis : CLASSIC BEAR TRAP - 08/12/2017.

CLASSIC BEAR TRAP - 08/12/2017.




The market movement over the past week was very volatile to say the least, but not decisive. As a matter of fact there are more questions regarding the direction of further price movement than before. Just when Nifty broke the decisive Support zone of 10120-10094 and closed below it, it seemed clear that the market had made up its mind to test the lower levels. But that was not to be, as the market suddenly took a U-turn and reversed all the losses of past four days in just two days by making two big White body Marubuzo. It was a Classic Bear Trap as the Bears had to run for cover as a combination of short covering aided with fresh buying took the market higher. But we are not yet out of the woods as we still require a closing above Nifty – 10316.


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