Nifty is bearish in weekly and monthly chart. But in daily chart, it took support from 100 EMA and might bounce back in the coming few sessions till 12100-12150 zone which is a strong sell zone. This might be the last opportunity for traders and investors to book profit in their long positions.
Once Nifty starts trading below 100 EMA in the daily chart, next strong support is around 11100 level.
Short traders should have a good time in the rest of 2020.
Once Nifty starts trading below 100 EMA in the daily chart, next strong support is around 11100 level.
Short traders should have a good time in the rest of 2020.
Trade active:
As anticipated, Nifty reversed from 12150 area and today closed below 100 EMA in daily chart. With the epidemic Corona virus spreading rapidly and no significant positive event nearby, it is very hard to stop the fall now.
Trade closed manually:
Booked profit in the Nifty shorts.. as it showed momentum in the downmove. Also there is good chance of it bouncing back from a strong level of 11800 and forming a sideways pattern before the downtrend is resumed.
Comment:
^^ loss of momentum