On Friday, 
NIFTY closed with selling pressure and formed a supply candle.
But here’s the interesting part – in that candle, buyers actually beat sellers by 26 million in volume. This means accumulation has already started.
The problem is, the pivot has dropped further to 24428.
If Nifty opens above this pivot, we might see a bounce, but I doubt it will sustain.
If it opens below, it’s a good chance to short with a target of 24200.
There’s also a chance we might directly see a gap-down opening near 24200. If it gaps up, don’t chase it.
Pivot percentile is 0.27, so tomorrow could be volatile. A sustainable move will only come if Nifty holds above 24500, but chances are low right now.
Support is at 24200 and then 24000.
BANKNIFTY support is at 53590.
In sectors, better to avoid pharma for now.
On Friday, I traded
CUMMINSIND – it gave 5% and we’re still holding.
That’s it for now. Have a profitable tomorrow and a good week ahead.
NIFTY closed with selling pressure and formed a supply candle.But here’s the interesting part – in that candle, buyers actually beat sellers by 26 million in volume. This means accumulation has already started.
The problem is, the pivot has dropped further to 24428.
If Nifty opens above this pivot, we might see a bounce, but I doubt it will sustain.
If it opens below, it’s a good chance to short with a target of 24200.
There’s also a chance we might directly see a gap-down opening near 24200. If it gaps up, don’t chase it.
Pivot percentile is 0.27, so tomorrow could be volatile. A sustainable move will only come if Nifty holds above 24500, but chances are low right now.
Support is at 24200 and then 24000.
BANKNIFTY support is at 53590.In sectors, better to avoid pharma for now.
On Friday, I traded
CUMMINSIND – it gave 5% and we’re still holding.That’s it for now. Have a profitable tomorrow and a good week ahead.
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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.
Related publications
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.