Nifty for last 3 trading session has been holding a support zone and closed almost flat. There are chances of a trend reversal and if it happens nice bullish momentum can be captured.
Market has been consolidating in a narrow arrange and tomorrow being monthly expiry can give good trending market. In the second half, nifty remained in 50-60 points.
A nice support zone aroung 16920 has been created and it has been respected.
On the hourly charts, the market has been taking resistance from the 20 ema and today also traded below the Moving average.
The market can move violently as the RSI indicator is showing bullish divergence.
Support :- 16920, 16860
Resistance :- 17060-85, 17200
Bullish trades can be initiated once the market start trading above 17k levels. Trailing Stop loss or small targets can be booked.
Wait for the price action near the price levels before entering the market.
Market has been consolidating in a narrow arrange and tomorrow being monthly expiry can give good trending market. In the second half, nifty remained in 50-60 points.
A nice support zone aroung 16920 has been created and it has been respected.
On the hourly charts, the market has been taking resistance from the 20 ema and today also traded below the Moving average.
The market can move violently as the RSI indicator is showing bullish divergence.
Support :- 16920, 16860
Resistance :- 17060-85, 17200
Bullish trades can be initiated once the market start trading above 17k levels. Trailing Stop loss or small targets can be booked.
Wait for the price action near the price levels before entering the market.
