Retracement or Recovery? NIFTY Outlook
Hi Traders, Here's my view on Nifty .
Nifty after a 11% correction has got into a classic LH- LL Structure and looking at the current scenario, we are currently in corrective phase.
The first possibility is, it might consolidate b/w 17300 which is a support turned into resistance and POC as well & 16910 is another important support below which Nifty looks weak. In last few sessions, We saw a gap up, a bit of consolidation with no buying volumes and it could not sustain after that so my view is unbiased here. If 16910 breaks downtrend will resume. A close above 17300 in coming sessions would attract my attention till then I am neutral and bearish if the 17300 pivot breaks, I am looking for shorting opportunities & I sense Volatility 💹
Do share your views on the same. Thanks for reading.
Happy Trading!
Nifty after a 11% correction has got into a classic LH- LL Structure and looking at the current scenario, we are currently in corrective phase.
The first possibility is, it might consolidate b/w 17300 which is a support turned into resistance and POC as well & 16910 is another important support below which Nifty looks weak. In last few sessions, We saw a gap up, a bit of consolidation with no buying volumes and it could not sustain after that so my view is unbiased here. If 16910 breaks downtrend will resume. A close above 17300 in coming sessions would attract my attention till then I am neutral and bearish if the 17300 pivot breaks, I am looking for shorting opportunities & I sense Volatility 💹
Do share your views on the same. Thanks for reading.
Happy Trading!
Broader index Nifty 500 needs to hold above 14630