Mid-week nifty update (17 Oct,22 to 21 Oct,22)
Nifty showed continuous strength for past 3 days now. A continuous upmove of 500 points from 17100 lows to 17600 highs now requires some stagnation or even a fall from current levels. So I am expecting a fall till 17350 atleast and from there on nifty can again move upside. Also a short will only be done, if nifty opens below 17550 for next 2 days straight.
An opening above 17550 will again give nifty some strength and it might hover on the upside to sideways movement or might reach the highs of parallel channel.
I will trade according to marked levels.
Happy Trading :)
Disc: Chart posted only for learning purpose.
Nifty showed continuous strength for past 3 days now. A continuous upmove of 500 points from 17100 lows to 17600 highs now requires some stagnation or even a fall from current levels. So I am expecting a fall till 17350 atleast and from there on nifty can again move upside. Also a short will only be done, if nifty opens below 17550 for next 2 days straight.
An opening above 17550 will again give nifty some strength and it might hover on the upside to sideways movement or might reach the highs of parallel channel.
I will trade according to marked levels.
Happy Trading :)
Disc: Chart posted only for learning purpose.
Comment:
Do notice that VIX (The fear gauge) also decreased to 17.50 levels which shows stability in market. But a rise in vix from current levels will help in boosting market for a downturn.