ROUNDING OFF
The weekly chart of NIFTY is shown here. Observe the following important points.
- NIFTY has touched the top trend line TT during the last two weeks and unable to close above.
- A rounding off is seen at the lower level. See “R”. This means, it is getting more and more systematic selling pressure.
- Last two candlesticks are shown in Box “A”. You can see Bearish Engulfing here.
- 2000NN signal is in the SHORT mode.
Inference: All these indicate that, further selling pressure may be experienced from next week onwards.
Additionally, I could find, as per my selection criteria, only two bullish stocks (Escorts and Plastiblends) on the weekly trends, but there are 25 bearish Stocks which are as follows.
Alstom Projects India Ltd, Anant Raj Industries Ltd, Bajaj Hindustan Ltd, Blue Star Ltd, Century Textiles and Industries Ltd, Crew B O S Products Ltd, DLF Ltd, Genus Power Infrastructures Ltd, Glodyne Technoserve Ltd, Housing Development and Infrastructure Ltd, IRB Infrastructure Developers Ltd, IVP Ltd, Mercator Lines Ltd, MM Forgings Ltd, Murli Industries Ltd, Neyveli Lignite Corp Ltd, Precot Meridian Limited, Puravankara Projects Ltd, Shree Renuka Sugars Ltd, Jindal Saw Ltd, Shrenuj & Co Ltd, Sobha Developers Ltd, Sree Rayalaseema Hi Strength Hypo Ltd, Time Technoplast Ltd and Alchemist Ltd.
