On yesterday's Nifty has formed a Dragonfly , which at times indicates a intermediary top or bottom formation and trend reversal, from thereon, specially when it is formed after a strong rally or steep downtrend.
Since most other indicators remain , I would advise a cautious approach if Nifty slides down to yesterday's or Doji's low i.e. 11945.
Sustained trading and closing above today's high will confirm continuation. Nifty has been negating trend reversal patterns for past one week, it may very well negate this one too. But it will react to some such signal someday and any day can be that "someday". Cautious is necessary when we are trading at such high levels, despite strong signals.
Beginners may try Puneet_9EMA_21_RSI on a two hour Nifty Chart, it provides reliable Enter and Exit signals for positional trades.
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial advisor before taking any positions.
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