Daily:
Nifty rejected bullish momentum from 200 EMA and closed below 50 EMA.
The big candle is evidence of supply pressure.
16841 is the pivot point because it has worked as support and resistance eight times.
Rejection of 17841 is a clear signal of resumption of a downtrend. Bulls have to keep prices above this level to overcome supply pressure.
However, Bearish momentum is more favorable but may create Lower highs.
30 Min:
If nifty gives a pullback of 16722, traders can make a selling setup with targets: 17639 - 16535 - 17400.
17400 is the support level, and the breakdown of this level will make it nifty more bearish.
Gap down is possible as Dji and SGX nifty are bearish.
Breakdown of wave 4 is the confirmation of bearish momentum.
I will update more information soon.
The big candle is evidence of supply pressure.
16841 is the pivot point because it has worked as support and resistance eight times.
Rejection of 17841 is a clear signal of resumption of a downtrend. Bulls have to keep prices above this level to overcome supply pressure.
However, Bearish momentum is more favorable but may create Lower highs.
30 Min:
If nifty gives a pullback of 16722, traders can make a selling setup with targets: 17639 - 16535 - 17400.
17400 is the support level, and the breakdown of this level will make it nifty more bearish.
Gap down is possible as Dji and SGX nifty are bearish.
Breakdown of wave 4 is the confirmation of bearish momentum.
I will update more information soon.
Trade closed: target reached
Trade closed: target reached
Correction: its 16639 not 17639.
Support level is 16400 not 17400.
Forgive my typo...