B-Power

Short! Nifty is getting ready for another fall

Short
NSE:NIFTY   Nifty 50 Index


1. I expect Nifty is getting ready for another fall.

2. On Nifty Hour Chart last few candles trying to form a Bearish Flag Formation. Currently, it may be looking like an Ascending Triangle Formation.

3. If Triangle formation break out happens then to Nifty may rise to 61.8% retracement from the last steep fall. Marked with ABCD Pattern .

4. Soon, 50Days MA act like the major resistance to go long with nifty . 100Days MA act as the support for the same.

5. But, Change in Put OI @11700 in the Maximum (Major Support Level ). Change in Call OI at 11800 , 11900 , 12000 is almost double to as compare to the change in PUT OI 11600 , 11500 , 11400 , 11300.

6. Don't be in hurry to make the Entry wait for trend line break out happen.

7. Sell Below 11742 Target: 11725 , 11705

Comments

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