Nifty - Fall again after retest of 9972 (0.5 fib level) ?
NIFTYTomorrow's market open (15-June-2020) would be very important as it will give some clarity if the market will keep move higher or show some downside action.
On Friday, we got a huge up rally from Nifty after a big gap down opening. The rally may have been driven by -
- short covering
- US30 moving up during that time period
Anyhow, we saw a 850+ point drop in US30 from the day highs after the US markets opened. Thus, the up-rally should not be seen as markets becoming bullish all of a sudden.
Be patient and observe SGX Nifty move and pre-market open (9:00 AM to 9:08 AM). This would help clear some of the fog as to which direction Nifty may take for the day.
If you are unsure, then please don't dive right in.
Overall, market conditions do not seem to be bullish especially after the US30, Nasdaq, SPY and other markets fell on Friday during the US market session.
If Nifty starts to trade below 9600 and holds below it then that would be bearish and we can see even lower levels.
Also, do remember that we have US elections and the US government will try to keep the markets up till then.
Don’t focus on making money, focus on protecting what you have. - Paul Tudor Jones
Daily RSI
NSE:NIFTY - 60 ( Leaning Bullish )
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