Now is not a good idea to short the market! Sometimes, the best trade is no trade at all. Even if you spot further downside from here, avoid shorting the market — especially if we open with a gap down tomorrow. In fact, a gap-down open might just set the stage for a better opportunity on the upside.
NSE:NIFTY has formed a clear supply candle and closed below the key support of 24710. With this break, 24500 now becomes the next immediate support.
Interestingly, the pivot has shifted slightly higher — from 24845 to 24885 — and the Pivot Percentile remains steady at 0.19%. That’s a sign we may get another directional move tomorrow.
From a technical standpoint:
First key support sits at 24590
Immediate resistance is near 24800
A breakout above this resistance can trigger short covering and push Nifty toward 25000 levels.
Among all sectors, NSE:CNXPHARMA remains the only one showing resilience. So, if a relief rally is to happen, my bet is it will start from the Pharma space.
On the personal front, I took just one trade today — NSE:STLTECH — and it delivered beautifully, closing over 8% higher. A perfect example of quality over quantity.
I continue to rely solely on my Earnings Pivot Strategy — and days like this validate the discipline.
That’s all for now. Stay focused. Protect your capital. And as always, trade smart.
Wishing you a profitable tomorrow.
