Nifty - Break of crucial 9000 level! What's next?

NIFTY

As pointed out in previous posts, Nifty was looking quite bearish and has finally broken the 9000 level as well as the 8900 support level and closed below them in the previous two sessions. Even a positive news of Corona vaccine was not good enough to drive the market up and meanwhile DOW has recovered close to 7% since the 14 May lows. This shows a huge amount of negative sentiment in Indian stock market and keeping the above factors in mind, i am currently still bearish.

Though i am bearish, i would be keeping eye on a bounce which i am expecting in the next few trading sessions, considering how much we have fallen. So if you go short, have a trailing Stop Loss in place at all times.

Daily RSI
Nifty - 43 (leaning bearish)


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