Nifty formed Hammer pattern on daily chart which means buy on dip startegy can be good for investor in long run ,but it we have to anlyse some other factors in which we can see that higher top and higher bottom is intact from feb of 2016 and from last few 3 months nifty is trading in the range of 8450 as support and 8700 as strong resistence and one more point when nifty touched 8950 level from then nifty is in corrective mood and still following lower top lower bottom on daily chart from that level of 8950 so i would suggest you all to investor going for long confirmation needed on next day of hammer and then go for long and when we talk about trendline is also acting as resistence because from last two days nifty unable to close above this uper trendline .. so we can safely conclude and it should be in practice also that when hammer pattern completed on daily chart then we have to confirm on next day after closing.this is for my personal study not for trading..
Closed @ 8693
EMA 20 @ 8684
EMA 50 @ 8658
EMA 100 @ 8503
Resistences: 8735,8804,8884
Supports: 8612,8567,8526
Closed @ 8693
EMA 20 @ 8684
EMA 50 @ 8658
EMA 100 @ 8503
Resistences: 8735,8804,8884
Supports: 8612,8567,8526
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