Nifty May take support here

已更新

This is the second red candle that opened above the previous close of a red candle. Nifty may take support now. This doesn't mean that you go long, NOT at all. The sentiment still remains Bearish. It may take support and spend some time here, maybe a dead cat bounce and then continue it's downward correction.

If you have already short it and haven't booked profit at the target of 11050, the trend line is the next target. Thereafter, 10800 at Fibo line is the second target.

I wouldn't buy any shares individually. Tomorrow is expiry, so wouldn't indulge in call options either.

註釋

If you look at the pattern ending on February 1, 2020, it's quite similar to today's pattern. So, it gives us reason to believe that Nifty may take support here, may not go much below the current level. It may actually take a bounce back upto 11450 something.

But, till it doesn't consolidate and breaks out, the mood is bearish.

交易進行

As expected, Nifty continues it's retracement. The first resistance level is 11370.

交易進行

Nifty turned around at 11300. If the negative trend continues tomorrow, it will be ripe for short...