Nifty is trading with a flat to negative note.
As posted last week, Nifty is losing momentum on daily and hourly
charts and it will not be advisable to initiate fresh long positions now
(unfavorable risk reward ratio)
We now change our short term bias for Nifty changes to negative as it has given a strong bearish pattern along with a negative divergence on daily charts. A Close above 6050 can negate the bearishness (SL)
Nifty will continue to have resistance around 6000-6030-6050 and 6100 levels on the higher side.
5950-5930-5985 will be key support areas on the lower side.
Going short now will have unfavorable risk reward conditions, so sell on rise can be a perfect strategy for bears.... Aggressive traders can even short now
Regards
Hrishi
We now change our short term bias for Nifty changes to negative as it has given a strong bearish pattern along with a negative divergence on daily charts. A Close above 6050 can negate the bearishness (SL)
Nifty will continue to have resistance around 6000-6030-6050 and 6100 levels on the higher side.
5950-5930-5985 will be key support areas on the lower side.
Going short now will have unfavorable risk reward conditions, so sell on rise can be a perfect strategy for bears.... Aggressive traders can even short now
Regards
Hrishi
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