As per our price-action study of the
NIFTY
in Daily chart yesterday (26th July), we though Nifty can potentially retrace back upto the channel's middle band.
And today's Low is exactly the middle channel. And the candle is sort of Marubozo candle. So naturally there are two possibilities:
1. The price can trace down upto the lower band of the channel.
2. The price can pull back upto the higher band of the channel.
The direction would definitely be driven by the global cues, specially as there is the Big Ticket event of Fed Rate hike decision (tomorrow late night).
NIFTY
in Daily chart yesterday (26th July), we though Nifty can potentially retrace back upto the channel's middle band. And today's Low is exactly the middle channel. And the candle is sort of Marubozo candle. So naturally there are two possibilities:
1. The price can trace down upto the lower band of the channel.
2. The price can pull back upto the higher band of the channel.
The direction would definitely be driven by the global cues, specially as there is the Big Ticket event of Fed Rate hike decision (tomorrow late night).
