Nifty 50 IndexShort
NIFTY - On the verge of a correction
Updated
There is a possibility that the market is being interrupted by the intersection of two strong resistances (mid-trend line intersection) which calls for a correction in the monthly time frame.
However, the penultimate move is yet to be completed.
The market is about to test the previous day's low 23,442.60 & after that, there will be a struggling upward move testing again at 23,664. The correction progresses from there to the 21,280 ~ 21,200 levels
Today support for the upcoming penultimate move will be,
SI - 23,442.60
SII - 23,435 ~ 417
SIII - 23,382
NO recommended SL for this trade setup (Any substantial increase above 22,664, calls off the trade).
The resistance to the final move is 23,664 & is expected to surpass the said levels by a minimum margin.
Trade accordingly.
However, the penultimate move is yet to be completed.
The market is about to test the previous day's low 23,442.60 & after that, there will be a struggling upward move testing again at 23,664. The correction progresses from there to the 21,280 ~ 21,200 levels
Today support for the upcoming penultimate move will be,
SI - 23,442.60
SII - 23,435 ~ 417
SIII - 23,382
NO recommended SL for this trade setup (Any substantial increase above 22,664, calls off the trade).
The resistance to the final move is 23,664 & is expected to surpass the said levels by a minimum margin.
Trade accordingly.
Note
*PS: GIFT NIFTY is mute
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
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
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