NeeteshJain
Short

Nifty Short Setup

NSE:NIFTY   Nifty 50
It is been observed that the price action is ranging in a downtrend trending channel where it is forming lower highs and lower lows, indicating down trend. In this scenario, now the price action touching the resistance level of the channel and retracing back due to selling pressure indicates further weakness. Now the price action shall move to 61.8 retracement level of the previous up move leg.

Target: 8650
Stoploss: 8850
Riskreward: 1:3
Trade active: Breaking of 8740 levels shall lead to further down fall.
Trade active: Nifty breaking 8740 levels, now leading to 8650 levels
Trade closed: target reached: Target reached successfully. Respected 61.8 retracement levels as the price action bounced back at 8650 levels.
snapshot
Thank you. Now that the target is closed, do you still continue to have a bearish view on Nifty ? Or maybe we can expect a short term bounce ?
Reply
@ShanTrader Yes, I still have bearish view on Nifty until it breaks and close above 8820 levels on daily chart. It may bounce back from current levels but if it breaks 8650 levels then it shall further go down to 8600 to 8560 levels.
Reply
ShanTrader PRO NeeteshJain
Thank you Sirji.
Reply
Yes
+1 Reply
English (IN)
English
English (UK)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out