One word for Nifty in short time frame: DOWN TREND

Nifty closed near day's low in red with high volume indicating a negative trend. Trend indicators also confirm a short to medium term down trend. Its a sell on rise market. Nifty will remain in a sideways to down trend in near term & every will be an opportunity to sell/exit longs.

Comment:

Nifty closed in kissing range of an important pivot level of 19330 today -

- Vix cooled off by 0.8%: Positive by iota
- Vix slightly cooled off: Mildly positive
- Nifty closed below middle of the channel: Highly negative

Down movement likely to continue.
Your views?

Comment:

CORRECTION (2nd point) -
Nifty closed in kissing range of an important pivot level of 19330 today -
- Vix cooled off by 0.8%: Positive by iota
- Nifty closed below key support level: Negative
- Nifty closed below middle of the channel: Highly negative

Down movement likely to continue

Comment:

Though a morning star patter is formed conveying a bottom formation, the low volume trade yesterday doesn't give much confidence of a bull market. Also there was a profit booking with high volume in the last 30 min. Nifty closing over 19450 today can get a short term trend reversal. Nifty's day range 19300-19500

Comment:

Nifty had a good opportunity to cross the channel on the upside & cross 19450 but instead got rejected and trended down to close around day's low. Looks like next session will have sideways to negative bias. 19445 -19465 is a strong resistance zone and support levels are 19350, 19316 and 19264.

Comment:

Nifty got rejected from the resistance zone of 19445 - 19465 but the good part is that it closed outside the channel. Nifty has formed a doji outside the channel which is a mild sign for short term trend reversal.

Trade closed manually:

Nifty closed above the channel yesterday, which confirms short term trend reversal.

FIIs sold index Futures and Calls but shorted 2.5 times more Puts than calls. This conveys that downside is limited. If Nifty crosses the resistance zone of 19445-19465 on hourly chart, we can see another 100 point up move. Downside seems restricted to 19324 in short term.

Comment:

So yesterday was a failed breakout. Nifty closed inside the channel again.
The earlier view for down trend continues. Will start a new thread on the strategy ahead.