Nifty : Will it sustain upward thrust

Nifty moved up by more than 400 points in a single day after #2019ExitPoll. Upward thrust was so strong that 45 out of 50 stocks of Nifty closed above previous day close. Today market opened above yesterday's close and day high by significant margin but couldn't sustain it and closed near today's low. Dark cloud cover pattern has emerged on daily chart which is a reversal pattern. It needs to be supported by another black candle in tomorrow's session. If it happens then we can say that trend has reversed for the time being. We were checking moving average cross over (5 &10 DEMA, 8 &13 DEMA) over very short time frame chart of 15 , 30 ,45 and 60 minutes. Reason for selecting such a short time frame and EMA is that trend is quite strong but still in consolidation. So, if market decides to stay in the range then we should get early signal to play within the range. Taking bigger EMA is likely to give late signal at the end of trend. 5 & 10 DEMA has crossed negative on all the selected time frame supported by MACD cross over to the downside. 8 & 13 DEMA was taken to confirm what is right on 5& 10 is also right if we shift numbers by 2-3 up or down. 15 & 30 minutes are showing bearish cross over on 8 & 13 DEMA .

Considering bearish Dark Cloud Cover pattern and MACD & EMA cross over on shorter time frames, we have come to conclusion to short for 1 day time frame. We'll short Nifty if we get 11740-11760 with stop loss above 11800 for target of 11600 (gap support). It will be kept only for 1 day as we do not want to get stuck in trading session on result day.

Trade active:

Call got active. Nifty made top of 11760. CMP 11720. We have trailed stop loss to 11762 to avoid getting stuck in major market swing. Position will not be carried forward

Trade active:

CMP 11700. Hold position with same stop loss 11762