Nifty 50 IndexShort
NIFTY 50 - To open at 11200 level - Selling pressure still on.
Updated
Today NIFTY formed a spinning top and closed below 200 Moving Average.
Previous data suggest that at this price level, NIFTY will see a selling pressure tomorrow. Only to find support at 11160 - 11120.
Look for a strong reversal candlestick pattern at these levels and also price crossing above 200 moving average to indicate a short change in trend. Next resistance will be at 11700.
Hopefully selling pressure from the market will reduce by Friday.
P.S: Swing traders to avoid buying any positions or averaging down.
Long term traders can start buying at the support level if it respects the level and bounces back.
NIFTY formed a spinning top and closed below 200 Moving Average.Previous data suggest that at this price level, NIFTY will see a selling pressure tomorrow. Only to find support at 11160 - 11120.
Look for a strong reversal candlestick pattern at these levels and also price crossing above 200 moving average to indicate a short change in trend. Next resistance will be at 11700.
Hopefully selling pressure from the market will reduce by Friday.
P.S: Swing traders to avoid buying any positions or averaging down.
Long term traders can start buying at the support level if it respects the level and bounces back.
Note
As mentioned earlier, NIFTY50 did fall and broke the resistance.we did not see any reversal pattern still indicating selling pressure till august 1st week
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