Nifty Chart

23rd Oct issued : "This is may be Bull TRAP, Breakout                              at the OBZ.  So be cautious."

24th Oct issued : "some profit booking.  Fresh short covering                                                                                  only above 6228 for the trend resistance 6254"

EXACTLY from yesterdays high 6252

EXACTLY BULL TRAP predicted

Nifty Trade Support 6145-6135 Resistance 6174-6180

Nifty Trend Support 6119-6105 Resistance 6210-6228

Closing basis support 6090

Closing basis resistance 6228

Highly volatile day ahead.  

BULL TRAP

Close up charts of BULL TRAP enclosed below

A failed signal is among the most reliable of all chart signals.
When a market fails to follow through in the direction of a chart
signal, it very strongly suggests the possibility of a significant
move in the opposite direction.  For example note how the market abruptly reversed course after breaking out above the early high.  If the upside penetration signal were valid, the market should not  have retreated back to the lower portion of the consolidation and certainly not below its lower boundary,  The fact that such a retracement occurs almost immediately following the breakout  strongly suggests a "BULL TRAP"