inskyTrader
Short

NIFTY Fifty Topsy Turvy..??

NSE:NIFTY   Nifty 50 Index
144 0 6
This is my fist attempt @ analysis, so be cautious

- The NIFTY             has done kind of double top & RSI showing divergence
- The support of 9685 is held & a 61.8 retracement of 10,185 to 9,685 is almost done
- A short with first target of 9644 & 2nd target of 9310, which are 23.6 & 38.2 retracement respectively of 7,896 to 10,185 on the longer time frame is possible
- A SL of 10,030 with the above targets will be a trade with R2R of 1:6.5 for target-1 & 1:13.4 for target-2
Trade closed: stop reached: - The trade did not work.
- However the only point I watch now is the Trend line which connects the previous highs 10,137 & 10,178 is yet to be breached.
- If that trend line is breached, we can look for LONG position, else a SHORT should still be possible.

Will post a new Idea once one of the above happens.
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