NIFTY | PRE MARKET | 20 JAN ~ 24 JAN 2025
NIFTY ended the previous week with an indecisive Doji type Weekly Candle.
Last Fridays Daily candle closed with a Bullish Pin Bar. However, it is still trading below key moving averages. This means the trend is intact and Bearish in nature.
Price also is not too oversold in comparison to Bank Nifty which looks pretty oversold at the moment on a short term basis.
If Nifty gaps up towards 23,380 ~ 23,400 levels, one must look for price failure to 23,213 level.
In case of a flattish opening, look out for Previous Day low to be taken out on the downside.
In case of gap down opening below 22,980 level, it can become a perfect shorting opportunity.
It is best to maintain a short view overall on NIFTY.
Last Fridays Daily candle closed with a Bullish Pin Bar. However, it is still trading below key moving averages. This means the trend is intact and Bearish in nature.
Price also is not too oversold in comparison to Bank Nifty which looks pretty oversold at the moment on a short term basis.
If Nifty gaps up towards 23,380 ~ 23,400 levels, one must look for price failure to 23,213 level.
In case of a flattish opening, look out for Previous Day low to be taken out on the downside.
In case of gap down opening below 22,980 level, it can become a perfect shorting opportunity.
It is best to maintain a short view overall on NIFTY.
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