nifty futures
educational purpose only
5 min (intraday) chart of nifty futures
I don't like saying this again and again but I will, I told you that I am not optimistic about the markets and here we go, a steep fall again.
I did try to trade long today and my SL was triggered so I can say that even I didn't listen to myself.
anyways, getting back to the topic.
ltp: 17504.85
support: 17400
resistance: 17650 / 17750
rsi indicates that nifty futures are in an oversold zone which means we can see a bounce back sometime tomorrow. let me also tell you that if the bounce back is delayed and the rsi stays in the oversold zone for a while, we may witness an unexpected fall. macd is looking weak as well.
educational purpose only
the rsi in the 15 min chart does say that there is still some more space downwards. macd is weak as well.
another thing to notice here is that the supertrend is at 18653 and my support mentioned earlier was at 17650. this means that long positions can be made above 17650 but then there is an immediate resistance at 17750. the support is way lower. this means that the risk to reward ratio isn't favorable and it won't be wise to go long till we can get a clear daily trend or pattern tomorrow.
the supertrend in hourly chart has made a fresh bearish signal which now supports my idea that the best trading strategy for tomorrow could be sell on rise. the sl for short positions will be above the supertrend which is at 17800.
the supertrend or the resistance for short positions on the daily chart is at 17900.
remember when I had mentioned that the trend for nifty futures is either neutral or down until it break and sustains 17900 zone? well, here is the proof now.
rsi is weak and so is macd and the candles have just crossed the vwma which is never a good sign.
5 min (intraday) chart of nifty futures
I don't like saying this again and again but I will, I told you that I am not optimistic about the markets and here we go, a steep fall again.
I did try to trade long today and my SL was triggered so I can say that even I didn't listen to myself.
anyways, getting back to the topic.
ltp: 17504.85
support: 17400
resistance: 17650 / 17750
rsi indicates that nifty futures are in an oversold zone which means we can see a bounce back sometime tomorrow. let me also tell you that if the bounce back is delayed and the rsi stays in the oversold zone for a while, we may witness an unexpected fall. macd is looking weak as well.
educational purpose only
the rsi in the 15 min chart does say that there is still some more space downwards. macd is weak as well.
another thing to notice here is that the supertrend is at 18653 and my support mentioned earlier was at 17650. this means that long positions can be made above 17650 but then there is an immediate resistance at 17750. the support is way lower. this means that the risk to reward ratio isn't favorable and it won't be wise to go long till we can get a clear daily trend or pattern tomorrow.
the supertrend in hourly chart has made a fresh bearish signal which now supports my idea that the best trading strategy for tomorrow could be sell on rise. the sl for short positions will be above the supertrend which is at 17800.
the supertrend or the resistance for short positions on the daily chart is at 17900.
remember when I had mentioned that the trend for nifty futures is either neutral or down until it break and sustains 17900 zone? well, here is the proof now.
rsi is weak and so is macd and the candles have just crossed the vwma which is never a good sign.
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