Nifty Prediction for Monday
Nifty & Bank Nifty has seen significant slide down in last few weeks and looks like Big Money is leaving Indian Market right now.
Going by the charts, Nifty seems to be in Dark Red Zone.
Last Friday, FII were net sellers to the tune of INR 5785.3 crores which is a significant amount.
On hourly charts 17000 level will prove to be a game changer if Nifty breaks down below this level and sustains. The immediate upwards resistance is seen at 17245 and any meaningful trend-change is expected above this level only.
If Nifty keeps moving up and down between this range (17000 and 17245), it will be field day for the Call/Put Writers. Swing Trader may initiate short positions below 17000 levels with Stop Loss at 17000 and Buy Positions can be initiated if 17245 level is decisively crossed, otherwise, it is Sell on Rise market right now.
Happy Trading!!
Going by the charts, Nifty seems to be in Dark Red Zone.
Last Friday, FII were net sellers to the tune of INR 5785.3 crores which is a significant amount.
On hourly charts 17000 level will prove to be a game changer if Nifty breaks down below this level and sustains. The immediate upwards resistance is seen at 17245 and any meaningful trend-change is expected above this level only.
If Nifty keeps moving up and down between this range (17000 and 17245), it will be field day for the Call/Put Writers. Swing Trader may initiate short positions below 17000 levels with Stop Loss at 17000 and Buy Positions can be initiated if 17245 level is decisively crossed, otherwise, it is Sell on Rise market right now.
Happy Trading!!
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