If Nifty is approaching the resistance level of 17780, it's important to carefully monitor the price action to determine whether the level will hold or break. If the resistance level holds, it could indicate that the bears are still in control of the market, and the price may continue to move lower. Traders who are looking to go short on Nifty may consider entering a sell position after confirming that the resistance level is holding and setting a stop loss above the recent swing high to manage their risk.
On the other hand, if the resistance level breaks, it could indicate a potential bullish move, and traders who are looking to go long on Nifty may consider entering a buy position after confirming that the level has indeed broken through and setting a stop loss below the recent swing low to manage their risk. In either case, it's important to keep an eye on any potential signs of a trend reversal or a bearish/bullish divergence to avoid potential losses.
On the other hand, if the resistance level breaks, it could indicate a potential bullish move, and traders who are looking to go long on Nifty may consider entering a buy position after confirming that the level has indeed broken through and setting a stop loss below the recent swing low to manage their risk. In either case, it's important to keep an eye on any potential signs of a trend reversal or a bearish/bullish divergence to avoid potential losses.