Nifty - Last hour recovery. Avoid shorts above 11600 levels.

NSE:NIFTY   Nifty 50 Index
The last hour recovery has revived some hopes of a short covering rally at least.

It is a long wick hammer candlestick pattern on both nifty and bank nifty , on an EMA on RSI system, there is a mild Buy or consolidation signal on two hour charts.

Markets are oversold, some support from global markets can initiate a 100-150 points rally on Nifty anytime.

I would advise, avoid shorts above 11600, and trade on long side if it sustains above 11660 tomorrow. A closing above 11660 level will be a better confirmation of a short covering rally, that can take Nifty to 11740-11800 levels.

Please carry due diligence before taking any position in the markets.


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.