NIFTY - An interim correction in the finalk move for NSE:NIFTY by WDG_Dinesh_Gengarajan

NIFTY - An interim correction in the finalk move

The market is facing an interim correction from today's high (as we can infer the pattern completion in Hourly charts (11-3-&7). It will fall to the areas through the supports as mentioned below,
The support will be as follows 23318,23157 & 23,035 (strong)~22960.
Apart from these, the coincidental areas can be found between trendlines & retracement as projected in the chart

Trade active

strategy is to take a sell from 23400 - 23420 levels. tp would be 23,041 (~370pts) & Sl would be 23481.05 (~ 70pts).

Note

If the market happens to breach 23,481 .05 high (SL), exit the trade & wait for short re-entry at 23,560~85 level.

Note

The pullback will be stronger when this move is completed to complete the trend in one large degree.
Therefore exit this position from 23,157 ~ 23,045-28 ~ 22960

Note

Risk-averse,exit @ 23,157 & adventurous traders can wait until 23,028~22960

Trade closed manually

Exit now & re-enter @ 23,560 - 585 levels

Note

RI is taken out on the opening, taking a short @ 23, 585 ~23,596 levels is a viable plan

WDG_Dinesh_Gengarajan

Best Regards,

WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com

Also on:

Related publications

NIFTY - A downfall is anticipated, Strongly…!

by WDG_Dinesh_Gengarajan

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.

WDG_Dinesh_Gengarajan

Also on:

Related publications

NIFTY - A downfall is anticipated, Strongly…!

by WDG_Dinesh_Gengarajan