NIFTY clearly showing bullish divergence on hourly chart. NIFTY making lower low but indicators MACD and RSI not making lows.
Also, if we apply nifty fibonacci retracement for nifty uptrend from 7900 levels in December 2016 till 29th january 2018, NIFTY has retraced upto 38% level i.e. 9950. this seems to be bottom of this correction. SO, long nifty with SL below 9950 level.
Also, if we apply nifty fibonacci retracement for nifty uptrend from 7900 levels in December 2016 till 29th january 2018, NIFTY has retraced upto 38% level i.e. 9950. this seems to be bottom of this correction. SO, long nifty with SL below 9950 level.
Trade closed manually:
book profit