NIFTYNifty is stuck between 9150 and 9000 level from the past two trading sessions. We have tested both the level quite a few number of times and both would have become weaker by now. A strong break out and close from either of those levels would help give future market direction.
Currently, the bias is towards the short side as every rally has been rejected from the 9150 region and in spite of a good green candle on the start of the session today, we saw Nifty getting rejected from the 9150 region again which also indicates presence of heavy selling pressure in that region.
If you are taking counter trend trades then go light and have strict STOP LOSS in such markets as you may not be able to exit quickly in-case trend reverses.
Daily RSI
Nifty - 46 | Neutral
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Note
As expected, we got a violent move after breakout from the range!
Congratulations to those who made money!
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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.