Nifty - Can Sell Be Repeated 14635-14650

May 5, 2021

As updated this morning in last idea - careful in the zone 14635-14650 - can act as supply zone / selling zone

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Comment: 08:54 Hrs / 5th May2021

Update for 5th May2021 -----------------Nifty Index-----------------------------------

SGX Nifty +70 / If Nifty Opens Gap Up & rushes to 14635-14650 - Traders have to be careful as 14635-14650 is the supply zone / selling zone - In case Nifty halts close to 14635-14650 (Strictly not crossing above 14650)
Expect drop to 14580 / 14550 -Intraday

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Last Idea

May 5, 2021

Trade active

15:16 Hrs / 5th May 2021

Last @ 14617

These days markets are volatile. Gap ups & Gap downs are very common. If one cannot bear the risk then trading should be done intraday

Index has already dropped close to 14550 which was expected & we still have negative bias till Index is below 14650 & 14725

Downside Targets - 14475 / 14275

May 6, 2021

Note

09:54 Hrs / 6th May2021

Last @ 14680

Day High @ 14697

Suggested Supply levels 14650 & close to 14725 - Also keep a watch as 14700 is also important level & can act as supply level

Only if Index trades above 14700 - we will avoid selling

May 6, 2021

Trade closed: stop reached

13:07 Hrs / 6th May2021

Last @ 14715

Sell setup invalidated above 14700