The nifty is looking completely bearish from the previous trend, so the as a rational person we should plan for short side trade before it crosses the previous swing high of 18265 There are various ways market can move from now which can be summarized as bellow 1) the market opens flat (the best case scenario) and hold for starting 15-30 mins above 17800 and then break out bellow 17800, we can short below 17790 with stop loss of 50- 100 rupees as we are planning for larger targets 2) the market opens gap down and forms a bullish candle like a shooting star we can short just after the closing of the candle and stoploss can be placed as today's closing and the target can be planned according to the price action 3) the market open gap down and forms a bullish candle like a hammer or a bullish engulfing candle then we should wait for the price action something like price reaches current day low and makes a shooting star or the price after some coming to the half of gap down star to going back by making bearish candle we can then also take trade but with half quantity we use to trade 4) the markets open gap up, we should wait for the price action as we cannot trade directly at the gap up. so we can wait till price reach the resistance level of 18000 and forms some kind of bearish price action like bearish hammer or breakout downside after after a pause at the resistance. or it can also happens that market opens gap up and there is a sharp fall just after the gap up so we can enter a trade if the markets break the todays low of 17800 with stop losses as above
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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.