Outlook of Nifty 500 as on 10-02-2022

Nothing much has changed from the previous post, the trend in the short term is to the upside. Nifty 500 today gapped up in the morning session and saw some selling but soon there was buying happening at lower level, price managed to close higher for the session, so there is buying happening at lower levels. Once the price is heading towards 15300 level which is prior reversal point, we will have to see how price reacts, either price can break this level and head higher or reverse, so it's better to wait and see how candle forms at this level. Do see what type of candle prints in S&P 500 today, this will give a rough idea of what our market can do tomorrow. Please check out previous 3 posts to understand this idea better. Thanks

Happy Trading :)

Comment:

it's 9:10, the global markets did not perform well yesterday, so we might see a gap down today in our market, we can also head lower, but we will have to wait and see if buying happens at lower level.