For various trend following reasons,
I'd go long on nifty unless there are signs of reversal.
on this chart I have marked price points .
1. Aggresive high traders -
Entry - 8428
SL - 8413 ( 15 point risk )
Target - 8460 ( 32 point reward )
R:R = 1:2
2. Positional/Swing Traders -
Entry - 8410-8430
SL - 8368 ( 40-60 points risk )
Target - 8460+ ( depends on the price action later as it forms )
R:R = Good ( target would be following the trend, so no pin point)
3. Opportunistic Traders ( Min Risk | Max Reward ) -
Entry - 8383
SL - 8368 ( 15 points risk )
Target - 8460 ( 77 points reward )
R:R = 1:5
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and then very strong bearish candles.
So, no long trade done.
All probables cancelled.
You can see the reaction on the lines though, how they held significance.