ISLAND Reversal Pattern at Resistance. Bears in Strong position.

Nifty formed Bearish Island Pattern in Daily Charts.
Can Bulls succeed to fill the gap?, we need to watch today's price action.
Gap Area acts as strong resistance until it filled.
Gap area at 9600 acts as stiff resistance. Bulls need to close above 9600-9731 zone to move upward.
In case Bulls unable to fill the gap and close below 9600 today, it will boost Bear's Strength.
Important Critical support exists at 9380-9350 zone. Supporting Trend line placed in this zone.
One close below 9380-9350 zone would trigger selloff in market as it would be confirmation of major trend reversal.
Hence, keep strict stoploss around 9350 zone for long positions. Once this support breaks, exit long positions.

Resistance 9600-9730
Supports 9380-9350.

Suryadev Bandari
Research Analyst

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