Nifty is showing negative divergence on hourly RSI. Market has already corrected after divergence. 1168-11710 looks resistance zone where short can be built up with stop loss above 11780 for target 11455 ( 161.8% retracement) . If Nifty doesn't go up and breaks 11595 on the down side then short can be created with stop loss above 11680 for target 11455. We expect market to correct overall to 11000 level before 31st May.
Note: We have created short position in Nifty.
Note: We have created short position in Nifty.
Comment:
Trail stop loss in Nifty to 11860. Market has opened at 11748. so short has been created at higher level becuase Nifty went to 11775.
Trade active:
Index fell from 11750 to 11680 and now again traidng at 11830. Square off short position if breaks 11861.
We are short overall till the time 12100 is hold on closing basis.
We are short overall till the time 12100 is hold on closing basis.
