Nifty will be offering a Pullback! So as we studied on Friday's candle sellers were there in disguise of buyers and that reflected today.
No news. No war. No luck. Just 100% chart reading skill with Price and Volume. How tough is it to read market's next move?
Time to check your portfolio stocks' monthly chart as the month has ended and a monthly candle is made.
If we look at NSE:NIFTY then it is well poised on monthly chart with rising participation and momentum stronger than before.
However. On Weekly and Daily chart it is showing some selling pressure which indicates a little pullback. So there is a possibility we may see a volatile market this week.
But remember, the short term remains positive.
Today's candle in #Nifty was a supply candle. But seeing the last hour action we can see a minor jump to the resistance 25610.
Support levels for the Week for #Nifty:
Intraday support for Nifty stands at 25420.
If we drop below this then 25222 would be the next support.
After that comes 25000.
So this would be the range we can oscillate this week - 25000-25650.
NSE:BANKNIFTY looks stronger as NSE:CNXPSUBANK are back in action. Resistance at 57480.
In Masterclass, we have already discussed that we won't be opening new positions yet. Let the bounce come. We won't chase it. We will only be doing Momentum Trading with being very sector specific.
That would be all for the day. Take care. Do not open new positions with MTF or with borrowed money which retailers often do.
