Nifty - Watch out for 9700 region break
NIFTYToday, Nifty opened gap up close to the 10K level and saw selling pressure from there and fell to about 300+ points which is not a small move. This shows the amount of bearish pressure present in the market.
For the past two trading sessions, we have seen a similar pattern in Nifty - Fall in the first half followed by a small recovery in the second half of the session.
This is in correlation with Dow Jones (US30) during that time period.
The Nifty has bounced from and tested the 9730 region twice during those two sessions and a retest of the region (9730-9700) may break that support and send Nifty to 9600 region where it should find support again. So we can do a small short if Nifty breaks below 9700 with good volume (but make sure you have tight stop loss in case Nifty snaps back up from that region as we can expect buying action to kick in there).
Daily RSI
NSE:NIFTY - 51 ( Neutral Zone)
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