Hi All,
Those who are short at higher levels near 10600 can book profits currently as advised earlier (or can at least trail stoploss).
Nifty has fallen till 10300 and taken support near the recent bottom of 10270 and bounced back around 100 points.
On hourly charts it is showing a bullish candle and a small pull back on the upside can not be ruled out.... If the markets are to continue the downtrend going forward, bears have to restrict bears below 10435 to 10530 levels. Above 10500 Bulls might take full control hence short positions are advised with a partial profit booking or trailing stop losses..
Risky traders can still sell on rise with stop losses above the aforesaid resistances.
Cheers
Hrishi
Those who are short at higher levels near 10600 can book profits currently as advised earlier (or can at least trail stoploss).
Nifty has fallen till 10300 and taken support near the recent bottom of 10270 and bounced back around 100 points.
On hourly charts it is showing a bullish candle and a small pull back on the upside can not be ruled out.... If the markets are to continue the downtrend going forward, bears have to restrict bears below 10435 to 10530 levels. Above 10500 Bulls might take full control hence short positions are advised with a partial profit booking or trailing stop losses..
Risky traders can still sell on rise with stop losses above the aforesaid resistances.
Cheers
Hrishi
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