#Nifty Short Term View - 27th July 1 day sell off or new trend ?
In my previous post I had shared that until & unless nifty future doesn't trend in a particular direction for a prolonged time, a strong trend will not be established. Market has closed negative but price closed near the lower end of our support band of 15800 to 15730.
Trend of Nifty future in daily chart continues to remain flat although trend is now down in hourly charts. A small ray of hope is that price has managed to close above our support band which I shared yesterday ( 15800 to 15730 ). Metals outperformed today by closing positive, all other major indices closed negative, pharma pack took the worst hit thanks to Dr.Reddy stock which closed more than 10 % in negative territory. Nifty future is back at a zone where price has bounced multiple times before in case if price manages to bounce from here than 15820 to 15870 may provide immediate resistance. 15700 to 15640 can provide immediate support to price, in case if nifty future closes below our support band than 100 to 150 points short term dip is probable.
Again reminding same thing overall market is choppy, price needs to trend in a certain direction for a strong trend, avoid jumping on to trades by spikes & sudden short term moves.
Trade Less Trade Wisely !!
Trend of Nifty future in daily chart continues to remain flat although trend is now down in hourly charts. A small ray of hope is that price has managed to close above our support band which I shared yesterday ( 15800 to 15730 ). Metals outperformed today by closing positive, all other major indices closed negative, pharma pack took the worst hit thanks to Dr.Reddy stock which closed more than 10 % in negative territory. Nifty future is back at a zone where price has bounced multiple times before in case if price manages to bounce from here than 15820 to 15870 may provide immediate resistance. 15700 to 15640 can provide immediate support to price, in case if nifty future closes below our support band than 100 to 150 points short term dip is probable.
Again reminding same thing overall market is choppy, price needs to trend in a certain direction for a strong trend, avoid jumping on to trades by spikes & sudden short term moves.
Trade Less Trade Wisely !!