Get started
The_Confluence_Trader

NIFTY looking weak

Short
Nifty 50 Index (NSE:NIFTY)  
The_Confluence_Trader  
NSE:NIFTY   Nifty 50 Index
Trend Analysis Trend Lines Fibonacci niftyanalysis trendtrading
8
1
trendanalysis trendline fibonacci niftyanalysis trendtrading
NIFTY 50 couldn't break the trendline and is looking weak with an evening star pattern on the weekly timeframe.
With HDFC Bank and INFY results missing estimates slightly, this can add to the trend.
One can short once an hourly candle closes under 17420 for Targets of 17350,17250 and 17030 with and SL of 17560 giving a RR of 1:3.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.