What Chart Says:
Nifty formed a kind of candle on closing and at crucial level of resistance. If that is taken out we can expect the possible retest of current highs.
Behind the scenes:
Advance to decline ratio is around 12:38 in nifty 50
FII & DII have both pulled out a small chunk out of today market. around 2250 Crores
US market after the stimulus closed in green with 1.55% gain
Crude oil continuing its up move
USD/ INR is kind of raising
What to expect:
Expect a possible gap up opening with a range bound for the remaining session. Look out at the possible resistances and trade the range.
How to trade today:
1. GAP UP OPENING - First possible resistance is at 15095 and if it is taken out and if it acts as support then we can expect 15200 / 15273 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 14862. Any of these levels acting as a strong resistance can go short with possible lower targets of 14760/14702.
3. Flat OPENING - 14977 is the key level to watch out on flat open any at this level we can take positions in the direction of the trend and sit for targets as marked.
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?? Each levels Act can as possible support and resistance????.
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You can also check out the Links in the signature for detailed & LIVE updates.
Happy Trading !