Nifty Futures
Intraday, 15m charts are quite surely overbought. Check RSI as it is above 80 which means a quick correction may be on its way. No, this doesn't mean that you can go short unless you are just too good a trader. What this means is that we need to wait for the right levels to re-enter in long positions.
Daily charts, as expected don't speak the same language. RSI has just bounced above 50, in the bull area in this time frame. Not only RSI but check Moving Averages. It has just crossed overand the resistance that I see here is at 15450 levels whereas a very strong support is too far at 14765 levels. So, the risk reward ratio doesn't seem good at this point.
The right entry level is at around 15000 and we could add more if Nifty goes down to 14900 levels. The stop loss is clearly below 14750 levels but I don't see that being triggered easily as the daily charts are clearly bullish.
I would also like to mention that 15500 level is strictly for profit booking.
Intraday, 15m charts are quite surely overbought. Check RSI as it is above 80 which means a quick correction may be on its way. No, this doesn't mean that you can go short unless you are just too good a trader. What this means is that we need to wait for the right levels to re-enter in long positions.
Daily charts, as expected don't speak the same language. RSI has just bounced above 50, in the bull area in this time frame. Not only RSI but check Moving Averages. It has just crossed overand the resistance that I see here is at 15450 levels whereas a very strong support is too far at 14765 levels. So, the risk reward ratio doesn't seem good at this point.
The right entry level is at around 15000 and we could add more if Nifty goes down to 14900 levels. The stop loss is clearly below 14750 levels but I don't see that being triggered easily as the daily charts are clearly bullish.
I would also like to mention that 15500 level is strictly for profit booking.