Nifty 50 IndexShort
Nifty - Time for retrace (Most probably)
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If you look at the run-up Nifty has had in the previous few weeks, it looks a bit over-extended and due for a pullback.
As pointed in the previous few posts, the gap zone has served as resistance and we saw some decent selling in Nifty today in the region.
The resistance area is confluent with the 200MA on daily making it an even stronger zone of resistance.
The top of the trend line is also acting as resistance, for the time being, so beware of that.
We can expect Nifty to roll-over further in the next few days.
On the further downside, the first support area would be 10,550 followed by swing lows, levels which have served as support earlier, fib levels, and trend lines.
There is a possibility that Nifty may also go sideways for sometime before picking up any direction.
Will keep you guys updated. Make sure to follow for that.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
DAILY RSI
NIFTY - 67 (Bullish / neutral zone)
“Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
If you look at the run-up Nifty has had in the previous few weeks, it looks a bit over-extended and due for a pullback.
As pointed in the previous few posts, the gap zone has served as resistance and we saw some decent selling in Nifty today in the region.
The resistance area is confluent with the 200MA on daily making it an even stronger zone of resistance.
The top of the trend line is also acting as resistance, for the time being, so beware of that.
We can expect Nifty to roll-over further in the next few days.
On the further downside, the first support area would be 10,550 followed by swing lows, levels which have served as support earlier, fib levels, and trend lines.
There is a possibility that Nifty may also go sideways for sometime before picking up any direction.
Will keep you guys updated. Make sure to follow for that.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
DAILY RSI
NIFTY - 67 (Bullish / neutral zone)
“Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.