Nifty50On Friday a 50 bps increase in the repo rate this week, the fourth consecutive rise since May 2022. This takes the repo rate to 5.90 percent – the highest level since April 2019 – from 5.40 percent.
Nifty moved upward and closed +270 points in positive near to its 17100 the resistance level of 17200 is the upcoming Target from Nifty. Although it tried to achieve that level on 30 September, Friday but closed 100 points below it. We can see some movement in the upward direction for 2-3 days.
Later it can face Resistance at 17200 to 17400 where it can try to consolidate or try to hold that level as 17500 is a strong resistance level we can see a short position or reversal from that level.
NOTE - As this week is only 4-day trading we have to trade with less as most markets try to hold their support and a slow steady move upward can be seen.
Advice- Try to take trade-in ATM .
_ We can see support at 17000 the point it breaks that we can look for 16800 to 16750. (This is when Nifty faces some resistance at 17200 or comes back from the 17400 level. As it will try to make the Double bottom from 16800 which shows bullish momentum and if it fails to make it the Short position will gonna start.)
_ We can go Short once the Support 1 - 16750 breaks down we hold the option for another day that can give us a good move in a single day.
Technical Indicator I used was the Moving average and on a 1Day time frame, Nifty took the support of 100DMA, and now 20DMA is trying to cross the 100DMA which is trying to indicate SELLING.
Short
