Here's an account of price action in Bharti Artl stock. Below is 5-minute chart of the same. Price opened Gap up with a bullish candle. Price was above 200-MA also. Initially I believed that a Zig-Zag correction is done and expected price higher. Gap up opening was in line with my expectation.
But, Price stalled near 719 zone marked by a horizontal box in the chart above. A beautiful shooting star along with confirmation candle was in place. But my bullish expectations stopped me taking short trade. A nice pullback opportunity also occurred. My thinking was that if price were to move down, it had to cross many hurdles such as pivot 'p', 'P', and 200-MA.
From the price action we see that if bears have taken control they just smash all hurdles on their way to advance until their strength is weakened. From the chart above we can see that price fell beautifully to complete 0.786% of a leading diagonal that developed recently. The leading diagonal is partially seen in the chart above.
What about Nifty 50?
Nifty 50 opened Gap up this morning by about 120 points above pivot 'r2'. In the process Nifty crossed the stiff resistance near 17530 area put up for the two sessions. Bulls were not strong take Nifty higher. Please refer the 5-minute chart of Nifty below.
Nifty stayed above pivot 'r2' for the first one hour. It couldn't hold on. Nifty started falling down. A pullback appeared which I have marked in the chart. Notice that the 17530 area marked by horizontal box was also smashed with a strong bearish candle. Nifty went to down near 's2' pivot by the end of the day. Nifty closed 0.82% down for the day.