I am Long with the Nifty on next week with SL 8980 as it started showing strength and already tested on lower levels. Only problem is Gap-down, if gap down happen it will test the 8980 and then fall badly, if gap up happens it will probably not look back till 9300.
Worth to take a risky long in this market and that too in the junk.
Nifty has already shown a breakdown and difficult to move upside. If economic relief package announced it will act mad. Interesting to see the market next week.
It cant be a reversal as it forming rectangular continuation pattern which suggest Short on highs as volume is also drying up.
Its the classic example of Rising Wedge and the Bull trap. It will be interesting to see how Nifty will open on monday. As far as Nifty future is concerned it has already signed for the Bear to control.