NIFTY50 - TRADING NEAR KEY SUPPORT ZONE
Symbol - NIFTY50
CMP - 22250
The Nifty50 index continues to maintain a negative bias, with the price action suggesting that it remains within bearish trend. This indicates the continuation of the downtrend, though we are currently seeing the index testing key support levels. At the moment, Nifty is trading near the 22200 area, which is a critical support zone. Technical indicators are also hinting at the fact that markets are oversold at current levels. Given the underlying support zone & oversold conditions, there's a high probability of a short-term bounce before the downward momentum resumes.
Looking at the immediate price structure, we are likely to witness a potential retracement towards resistance zones around 22800 and 23000. These levels are in line with the Fibonacci retracement levels, offering opportunities to enter long positions with a favorable risk-reward ratio. Traders can look for a bounce from current support levels and expect a move towards these resistance zones.
we are now at a critical juncture where a potential bounce could provide opportunities for short-term longs.
Given the technical setup, I am taking long positions in Nifty Futures at CMP 22250. I will look to add more positions if the price reaches 22100-22050 range. My SL is set at 21970 to manage risk, ensuring protection in case the price fails to hold the demand zone and continues lower.
Key resistance remains around 23400. A sustained move above this range could suggest a potential shift from a bearish trend to a neutral or even bullish outlook. However, until the index decisively moves above these levels, the preferred strategy remains to sell at resistance and buy at support, capitalizing on any short-term retracements.
In conclusion, while the short-term outlook offers potential for a bounce, the broader trend remains bearish. Therefore, the approach should be to look for long positions at favorable support levels.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
CMP - 22250
The Nifty50 index continues to maintain a negative bias, with the price action suggesting that it remains within bearish trend. This indicates the continuation of the downtrend, though we are currently seeing the index testing key support levels. At the moment, Nifty is trading near the 22200 area, which is a critical support zone. Technical indicators are also hinting at the fact that markets are oversold at current levels. Given the underlying support zone & oversold conditions, there's a high probability of a short-term bounce before the downward momentum resumes.
Looking at the immediate price structure, we are likely to witness a potential retracement towards resistance zones around 22800 and 23000. These levels are in line with the Fibonacci retracement levels, offering opportunities to enter long positions with a favorable risk-reward ratio. Traders can look for a bounce from current support levels and expect a move towards these resistance zones.
we are now at a critical juncture where a potential bounce could provide opportunities for short-term longs.
Given the technical setup, I am taking long positions in Nifty Futures at CMP 22250. I will look to add more positions if the price reaches 22100-22050 range. My SL is set at 21970 to manage risk, ensuring protection in case the price fails to hold the demand zone and continues lower.
Key resistance remains around 23400. A sustained move above this range could suggest a potential shift from a bearish trend to a neutral or even bullish outlook. However, until the index decisively moves above these levels, the preferred strategy remains to sell at resistance and buy at support, capitalizing on any short-term retracements.
In conclusion, while the short-term outlook offers potential for a bounce, the broader trend remains bearish. Therefore, the approach should be to look for long positions at favorable support levels.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
交易進行
CMP 22050
Adding more position.
Avg buy price now is 22150
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免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。